*Income Tax Update*
*TCS on Sale of Goods under Income Tax Laws w.e.f 01.10.2020*
Every seller, whose total sales, gross receipts or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer.
*Upto 31st March 2021 TCS Rate 0.075% instead of 0.1%*
