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Question ID : 40610

Section 206C(1H)-TCS on sale of Goods

Hello Everyone! Finance Act 2020 has introduced sub section (1H) of Section 206C WEF 01.04.2020 wherein it is inserted liability on seller (specified) to collect TCS from buyer (Buyer) @ 0.1%/1% . Here, TCS is required to be collected at the time of receipt of the collection from buyer. Now my query is whether collection received on or after 01.04.2020 for sales of Feb/March 2020, then whether TCS is required to be collected on such consideration received in April 2020 towards Feb/March 2020 sale or TCS is required to be collected on consideration received for Sale made on or after 01.04.2020.

Posted by Manisha on Mar 18, 2020

Filed Under DIRECT TAXES

Answer ID : 80464

TCS under this section is applicable on sale effected after introduction of this section. Hence TCS is not applicable in your case.

Posted by CA. chunauti dholakia on Mar 18, 2020
Answer ID : 80466

TCS is required on the consideration received for the sale made on or after 01.04.2020.

Posted by B.CHACKRAPANI WARRIER on Mar 18, 2020