AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
TCS ON SALE OF GOODS U/S 206C(1H)
X X X X Extracts X X X X
X X X X Extracts X X X X
....CS ON SALE OF GOODS U/S 206C(1H)<br> Query (Issue) Started By: - CABIJENDERKUMAR BANSAL Dated:- 1-9-2020 Last Reply Date:- 22-9-2020 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear All As per secti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on 206C(1H), TCS on sale of goods is applicable from 01.10.2020. My query is: for applicability under this FY i.e. 2020-21, if sale of ₹ 50 lacs has been completed upto 30.09.2020 and after 30.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....09.2020 upto 31.03.2021 sale is ₹ 10 lakh only. Will TCS is applicable on ₹ 10 lacs ? Will ₹ 50 lacs limit to be considered on consolidated basis in FY 2020-21 (from 01.04.2020) or ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....it has to be receipts of ₹ 50 lacs after 01.10.2020 for applicability of the section ? Regards Reply By YAGAY andSUN: The Reply: If the seller makes sale of goods of value or aggregate value ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to a buyer exceeding ₹ 50 lakhs, he needs to collect TCS at 0.10 % at the time of RECEIPT of the consideration on the amount exceeding ₹ 50 lakhs. The TCS rate will be 1% if there is no PA....
X X X X Extracts X X X X
X X X X Extracts X X X X
....N/Adhar of the buyer is available with the seller. Reply By Vijay Batra: The Reply: TCS will be applicable on only 10 Lakhs will be charged on Invoice<br> Discussion Forum - Knowledge Sharing ....