https://www.taxtmi.com/article/detailed?id=9500 Section 206C(1H) requires sellers whose prior-year turnover exceeds the statutory threshold to collect TCS from a buyer when aggregate receipts from that buyer in the previous year exceed the receipt threshold; collection is triggered by receipt of sale consideration on or after the statutory commencement date, excludes certain categories and transactions, and allows modified collection where buyer fails to furnish PAN/Aadhaar. Administrative guidance clarifies aggregation from the start of the previous year, exclusion of specified exchange-traded transactions, interplay with other subsections for specified goods, and that TCS is an advance tax credit for the buyer. en-us Thu, 08 Oct 2020 11:40:20 +0530 Thu, 08 Oct 2020 11:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9500 Section 206C(1H) requires sellers whose prior-year turnover exceeds the statutory threshold to collect TCS from a buyer when aggregate receipts from that buyer in the previous year exceed the receipt threshold; collection is triggered by receipt of sale consideration on or after the statutory commencement date, excludes certain categories and transactions, and allows modified collection where buyer fails to furnish PAN/Aadhaar. Administrative guidance clarifies aggregation from the start of the previous year, exclusion of specified exchange-traded transactions, interplay with other subsections for specified goods, and that TCS is an advance tax credit for the buyer. Articles Income Tax Thu, 08 Oct 2020 11:40:20 +0530 https://www.taxtmi.com/article/detailed?id=9500