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
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.