Posted by Greetings from Classic Associates, Tuticorin !
The Central Board of Direct Taxes (CBDT) on Tuesday issued a circular clarifying that tax deducted at source (TDS) and tax collected at source (TCS) provisions are applicable from October 1, 2020.
According to the circular, TCS has to be collected and paid on all payments received on or after October 1, 2020, including the amount of GST and also sales made prior to October 1, 2020.
The threshold of Rs 50 lakh is year based and hence, the payment received before October 1 2020 are to be considered. However, applicability shall be on payment received on or after October 1, 2020
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