Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to only those sellers whose turnover exceeds Rs. 10 crore in last Financial Year. TCS not applicable on export of goods.
Get In Touch For Any Query
Head Office
4/80, Janpath, New Delhi – 110001
Email : rnm@rnm.in
Telephone: +91-11-43192000
Bangalore Office
813 Oxford Towers, 139 Airport Road, Bangalore, Karnataka - 560008
Email: banglore@rnm.in
Gurugram Office
613, Suncity Business Tower, Golf Course Road, Gurugram, Haryana – 122002
Email: gurgaon@rnm.in
Phone: +91-124-4372956
Raipur Office
D-362, Near MLA Rest House, Tagore Nagar, Raipur, Chhattisgarh – 492001
Email: rnm@rnm.in
Mumbai Office
Awfis, 5th Floor, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon, Mumbai, Maharashtra 400063
Email: mumbai@rnm.in
London Office
213 Kingsbury Road Sri Abji Bapashree house, Suite 15, 1 Floor, NW9 8AQ
Email: info@ukrnm.com