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TCS on Sale of Goods under Income Tax | Latest Amendment from 1st October, 2020

In this video we will discuss about the recent amendment in Income Tax Act with the Introduction of TCS on Sale of Goods under section 206C (1H). As per the new provision if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then, from 1st of October 2020, he shall be liable to collect TCS @ 0.1% of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs. 50 Lacs (Limit of Rs. 50 Lac shall be seen for each buyer separately). In other words, till the limit of Rs. 50 Lac there is no requirement to Collect TCS by the Seller however the moment purchases of the buyer exceeds Rs. 50 Lac from the same seller then on such excess amount seller shall collect the TCS. However, in the First year of implementation of this new provision Sale made to buyers up to 30th September 2020 shall not be liable to collect the TCS. Watch this video for: TCS on sale of goods, income tax amendments 2020, change in tcs 2020, TCS Section 206C, TCS 206C (1H), TCS on sale, tcs on sale of goods under section 206C(1H), tcs on sale of goods above 50 lakhs, tcs on sale of goods under income tax, tcs on sale of goods applicability, Who has to collect TCS on Sale of goods, Rate of TCS on sale of goods, Connect with us on facebook - @consultgurpreet Send any GST related questions here... [email protected] DISCLAIMER ******** This video is for creating awareness about the newly introduced tax reform GST. This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice.*******