Thread on TCS FOR FY 20-21 END AND TCS FOR FY 21-22 START- VERY IMPORTANT
tweet 1
>>>>Action required for TCS on Sale of Goods for Financial Year 2020-21
>Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr
tweet 2
a. In case, you are liable to collect TCS after 01-10-2020 for sales of goods, then for march month ,ensure to pay TCS by 7th April 2021 for Q4. (not 30th april)
The due date for TCS return is 15-5-2021 ( not 31st may)
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b. Also check your books of Accounts , From 1-10-2020, If you have not collected or short collected from the customer then You need to Reconcile with books and Pay the difference before 7th April 2021 and File TCS return before 15-5-2021.. Rate was 0.075% till March.
tweet 4
>>>>Action required for TCS on Sale of Goods for Financial Year 2021-22
Note - TCS will be applicable to those whose FY 20-21 Turnover was Crossing 10 cr
a) The rate of TCS is increased from 0.075% to 0.1% with effect from 1st April 2021 for FY 21-22
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2) Also, the TCS is not levied on the first Rs. 50 lakhs collection in a financial year 21-22 .
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READ TWICE TO GET IDEA WHAT IS WRITTEN
ALSO I WOULD LIKE TO CONVEY THAT 194Q is coming That is TDS on purchase of Goods .. It will be very messy after 01-07-2021
70% of ppl, i asked before Feb,
They converted all Taxpayers in Monthly
After filling January returns & looking to PMT6 & IFF difficulties, & half baked solution QRMP
Even rest 30% saying that they will convert ALL clients to" Monthly" from APR 21
QRMP - Idea is good
But Things getting very difficult in practical life
Better to switch " Monthly "
Read below how it is irritating cycle of 3 months
Parties are sending 3B+ 1
We have to file PMT 6 + IFF
This half baked Idea of IFF is very frustrating. It does not allow B2C and export and Exempted details
So We have to remember all this for 2 months and report in QUATERLY GSTR 1