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TDS, TCS ON SALE PURCHASE GOODS

For the persons having turnover more than 10Cr and transaction of sale or purchase from one single party is more than 50L, they have to deduct TCS or TDS on sale of goods and purchase of goods respectively.

TDS ON PURCHASE OF GOODS UNDER SECTION 194Q

  • Applicable to the persons having turnover more than 10Cr.
  • Deduct TDS @ 0.1% on payments or purchases more than 50 L of goods.
  • TDS is required to be deducted on all types of goods. Everything other than service and immovable property is a good 

TCS ON SALE OF GOODS UNDER SECTION 206C (1H)

  • Applicable to the persons having turnover more than 10Cr.
  • Collect TCS @ 0.1% with receipt more than 50 L for Sale of goods.
  • Applicable on a collection of sale consideration of goods (including advance) + GST.

NOTE: IN CASE OF APPLICABILITY OF BOTH TDS AND TCS PROVISIONS ON THE SAME PARTY, TDS PROVISIONS WILL BE APPLICABLE AND NEED NOT COLLECT TCS ON THE SAME.

DUE DATE FOR PAYMENT OF TDS / TCS

  • 7th of Every Month and 30th April for the month of March.

DUE DATE OF FILING OF RETURN

  • For TCS- 15th of the following Quarter and 15th May for Quarter Ending March
  • For TDS- 30th of the following Quarter and 31st May for Quarter Ending March

PENALTY FOR LATE COMPLIANCE

  • FOR LATE- DEDUCTION OF TDS/TCS- 1% Interest per Month
  • FOR NON-DEPOSIT OF TDS/TCS - 1.5% Interest per Month
  •  FOR NON-FILLING OF RETURN - 200 per Day

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