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TCS Applicability
TCS u/s 206(1H) will it be applicable for a Seller who sold goods/services worth more than Rs.50L in a FY to a particular single customer but the seller turnover is less than Rs.10Cr in the FY. Please clarify
Answers (1)
Yes, if previous FY turnover was > Rs.10 crores If the assessee turnover > Rs.10 crores in previous FY 2019-20 Sales to particular single customer > Rs. 50 Lacs in current FY 2020-21 TCS in 2020-21 by assessee from customer to whom > Rs.50 lacs sold Rate of TCS = 1% (0.75% due to COVID till 31/3/21)
