Action Required For TCS On Sale Of Goods For Financial Year 2020-21

Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr

1. In case, you are liable to collect TCS under Income Tax for sales of goods, ensure to pay TCS by 7th April 2021  for Q4. The due date for TCS return is 15-5-2021

2 Also check your books of Accounts , From 1-10-2020, If you have not collected or short collected then You need to Reconcile books and Pay the difference before 7th April 2021 and File TCS return before 15-5-2021

Action required for TCS on Sale of Goods for  Financial Year 2021-22

Note – TCS will be applicable  to those whose FY 20-21 Turnover was Crossing 10 cr

1) The rate of TCS is increased from 0.075% to 0.1% with effect from 1st April 2021 for FY 21-22

2) Also, the TCS is not levied on the first Rs. 50 lakhs collection in a financial year 2021-22 .

READ TWICE TO GET IDEA OF WHAT IS WRITTEN

ALSO WE WOULD LIKE TO CONVEY THAT TDS under Section 194Q on purchase of Goods is coming  into effect from 01.07.2021 and same will further complicate TDS Compliance.

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6 Comments

  1. RUPESH says:

    SIR IF WE DEDUCT TCS ON SALE OF GOODS IN F.Y. 20-21 THAN FOR F.Y. 21-22 IF PAYMENT IS MADE ONLY 1LAKH THAN BASE LIMIT 50 LAKH IS APPLICABLE ON 21-22 OR TCS IS DEDUCTED ON 1 LAKH

  2. TAPKIR LANE says:

    SIR WE COLLECT TCS WHOS SALES CROSS 50 LAKS FOR F.Y.20-21 & IN F.Y.21-22 SHALL WE CONTINUE FOR COLLECT TCS VALUE IN INVOICE OF SAME PARTY.

  3. SHILPA JAIN says:

    SIR IF WE DEDUCT TCS ON SALE OF GOODS IN F.Y. 20-21 THAN FOR F.Y. 21-22 IF PAYMENT IS MADE ONLY 1LAKH THAN BASE LIMIT 50 LAKH IS APPLICABLE ON 21-22 OR TCS IS DEDUCTED ON 1 LAKH

  4. Prashanth Y S says:

    Clarification:
    Our Company is charging TCS on sale of goods at the time of raising Invoices. The provision is to collect TCS on receipt of consideration. There is x amount of outstanding receivables as on 31.03.2020 on which TCS is deducted and paid concessional TCS rate applicable upto 31.03.2021. Please clarify whether Company need to pay differential TCS on outstanding receivable as on 31.03.2021 to comply with the new rate applicable from 01.04.2021.

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