All the sale till 30 September 2020 shall be exempted from any TCS tax. As a grace period, the sale made to the buyer until 30 September 2020 shall not be included in the provision. The seller can only collect tax once the limit of Rs. In simple words, there will be no TCS tax liable to be collected from the buyer until he reaches a purchase of 50 Lac. This 50 Lac limit will be observed for each buyer separately. 10 crores in the preceding Financial Year then he from 1st October 2020 he is liable to collect TCS tax at a rate of 0.1% (0.075% till ) from the buyer if the buyer purchases products exceeding Rs. New TCS Tax ProvisionĪs per the new TCS tax provision, if any seller has an annual turnover more than Rs.
All the terms & conditions are governed by the Section 206C of Income-tax act.
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TCS tax full form Tax Collected at Source is the form of tax payable by the seller, which the seller collects from the Buyer at the time of the sale.