TaxTMI 
TaxTMI 
Income-Tax-TCS on Sale of Goods in Excess of 50 Lacs
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....ncome-Tax-TCS on Sale of Goods in Excess of 50 Lacs<br> Query (Issue) Started By: - A Wilson Dated:- 9-3-2020 Last Reply Date:- 24-5-2020 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear All, Income-T....
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....ax-TCS on Sale of Goods in Excess of ₹ 50 Lacs * Whether this TCS @ 0.1% to be collected on the amount received towards Basic Value or Invoice Value including GST? Please advice on this. Tha....
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....nks, Wilson.A Reply By YAGAY andSUN: The Reply: Finance Bill 2020 has proposed to insert in section 206 of the Income Tax Act, 1961, sub-section (1H) to levy TCS on sale of goods, which was to be e....
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....ffective 1st April, 2020. However, the Parliament while passing the Bill in the Lok Sabha has amended the said section and has also deferred the date from which it becomes operative to 01st October, 2....
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....020 instead of 1st April, 2020 The word 'consideration' is not defined. The dictionary meaning of consideration is compensation, payment or reward. In terms of Section 145A irrespective of the treatm....
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....ent in books of accounts, the value of sales will include the amount of any tax recovered. Hence the consideration amount will be inclusive of GST for the purpose of collection of TCS. Further, It wou....
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....ld depend upon the terms of the contract. If the contract is on CIF basis, the consideration will include insurance and freight.<br> Discussion Forum - Knowledge Sharing ....