Provisions of TDS on cash withdrawals simplified
Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs. 1 crore was introduced by the Finance Minister in the Union Budget 2019. This section applies to an aggregate of sums withdrawn from a particular payer in a financial year. The Government has introduced Section 194N in the Union Budget 2019 […]
FAQs on new TCS provisions w.e.f. 01st October 2020
Q1. What is the applicability of these new provisions or who is required to comply with these provisions? A: Every seller whose total sales, gross receipts or turnover from his business exceeds INR 10 crores in the immediately preceding Financial Year is liable to collect TCS. Therefore if the turnover of the seller in FY 2019-20 exceeds […]