TCS/TDS on sale or purchase of goods

As per sec-206C(1H) of The Income Tax Act,1961, every person whose turnover exceeds ten crores during the preceding financial year shall at the time of receipt of such amount collect TCS @ 1% of sale consideration. The threshold limit for the same is fifty lakh rupees.

As per Sec-194Q of The Income Tax Act,1961,every person who is responsible for paying any sum to resident seller for purchase of goods shall at the time of payment has to deduct 0.1% of sum exceeding fifty lakh rupees.

Sec-194Q overrides Sec-206C(1H). Our experienced staff will guide you as to the required calculation and sections applicable with hassle free payments and filing.