SECTION 206C(1H) QUERY
This query is : Resolved
14 April 2021
Opening balance of a debtor (for sale of good) was 2 Crores. He paid 1.5 Crore by RTGS and balance 50 Lakhs amount was adjusted on account of purchases made by us worth 50 Lakhs.
Question:
On what amount am i liable to collect TCS U/s 206C(1H) 1.5 Crore or 2.0 Crore?
Question:
On what amount am i liable to collect TCS U/s 206C(1H) 1.5 Crore or 2.0 Crore?
14 April 2021
2 CRORE WHICH IS YOUR SALE AMOUNT.
14 April 2021
TCS u/s 206C(1H) is applicable on the value of total receipts which is in excess of the threshold limit of ₹50 lacs. In this case, if the total receipts (including book adjustments) during the year are ₹2 cr, tax to be collected at source on ₹1.5cr.
14 April 2021
TCS provision is applicable on the amount of Receipt in excess of Rs. 50 lakhs. So in your case, according to me you had received Rs. 1.5 cr. balance is adjusted against the purchase. So TCS to be collected only on 1.5 Cr. which is received.
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