The Finance Bill, 2021 has proposed to introduce a new section 194Q to the Income-tax Act, 1961 which requires a buyer to deduct tax at source in case of purchase of goods, the value or aggregate value of which, exceeds INR 50 Lakh in a financial year. The provisions of this section would come into effect from 01-Jul-2021 and would ...
1. What is Tax Collected at Source on sales of goods (TCS)?This document covers the functionality of Tax Collected at Source (TCS) applicable on sale of goods. It describes how to do basic setup for TCS on sale of goods, check applicability of TCS, calculate monthly TCS for a customer or by a group of customers. Also covered are TCS on ...
