Question ID :
41017
TCS FOR SALE EXCEEDING 50 L DURING FY 20-21
A PVT LTD CO IS FORMED ON 01.06.20 AND THE SALE FOR 20-21 IS 15 CR. UPTO MARCH21. DO WE REQUIRE TO DEDUCT TCS @ 0.075% ON SALE MADE DURING THE FY 20-21 AS SOME OF THE PARTY’S TRANSACTION ARE IN EXCESS OF 50 L. BUT AS BECAUSE THE COMPANY WAS NOT EXISTED DURING FY 19-20 AND SO THE CRITERIA OF TURNOVER EXCEEDING 10 CR DURING FY 19-20 DOES NOT APPLY. PLEASE SUGGEST IF TCS IS REQUIRED OR WE CAN STOP CHARGING TCS IN FY 20-21.
posted by
pradeep kumar agrawal
on
Apr 6 2021 12:00AM