Hello everyone, I have a query regarding TCS applicability in sale of any goods. (Are we still considering the 50 lakhs threshold limit that is allowed till 30th sep also in Financial Year 2021-2022) or (do we have to collect Tcs from start of April 2021 for receipt turnover exceeding Rs 50 lakhs) Or (do we have to collect tcs on all the receipt turnover starting from april 2021 irrespective of Rs. 50lakhs threshold limit)
For FY 2021-22 TCS will applicable 1) Company's Turnover above 10 cr in FY 2020-21 And 2) Receipt from Customer crosses 50 Lakhs in current FY and not from 1st Receipt or April 2021. Hope you will get your answer.
Sir i have two doubts? 1. If receipt turnover before 30th september 2021 is greater than 50lakhs then also tcs liability arises for exceeding amount? 2. What if Receipt from Customer crosses 50 Lakhs after 30th September 2021?
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1) Yes. TCS applicable from April-2021. 2) Start collecting TCS as & when Receipt from Customer crosses 50 Lakhs from April-2021, subject to your Turnover is above 10 cr in previous Financial Year.
