14-Sep-2020

Income Tax Act, the seller of goods is required to collect TCS from its buyers


Income Tax Act, the seller of goods is required to collect TCS from its buyers @ 0.075% with effect from October 1, 2020. If 1) Turnover of Seller in the previous must exceed Rs 10 Cr. in previous financial year. 2) Sale to a buyer (for ex.-A) must exceed Rs 50 lakhs in the current financial year.

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