TDS vs TCS | TCS on Sale | TDS on Purchase | Section 206C(1H) vs 194-Q of Income Tax
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- čas přidán 11. 02. 2021
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The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Bill, 2021, proposes to insert a new Section 194Q to provide for deduction of tax by a buyer from the purchase of goods. As sale and purchase are the flip-side of a transaction, the applicability of two provisions on the same transaction may create a lot of doubts.
#tds #tcs #incometax
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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.*******
Thank you sir. Very clearly explained you..No confusion.
No doubt Sir, all confusion is clear sir. Thank you 🙏🙏
Seriously damn good video this the best video of both the confusing topic side by side.
Very very great job sir..
Thank you so much for your valuable information, Sir.
Thank you very much Sir. You are a very good teacher.
Sir. Thank So much for valuable information.
BHAUT HI SUPER VIDIEO SIR SARA CONFUSION DUR HO GYA BAKI KE CHENNEL VALE TO PURA GHUMA FIRA KE BTA RHE TE NICE EXPLAIN SIR THANK YOU VERY MUCH
Dear Sir
Very nice
All concept clear by you
Regards
Thanks and welcome
nice teaching sir. thank you
VERY HELP FULL VIDIEO SIR AGAIN THANK YOU
Best Active Thanks for New Updates
Very nice explained 👌👌
Excellent sir.
VERY GOOD EXPLAINATION SIR
Thank u for ur valuable information
Thank you for the video
Good knowledge 👍
Useful video Sir
Sir i am big fan best video tds and tcs pr
Thanks
Very nice keep it up👍 a difficult and confusing issue in simple language
Thanks for liking
Big thanks sir ji
Sir Thanks i understand what is TDS & TDS VERY NICE VIDIEOS.
ANY MORE VEDIOS ARE THERE PRACTICALLY ON PORTAL.
thank you sir
very useful...
Use full vedio sir
Thanks sir
Thank you Sir.
You are most welcome
Thank you sir.... 🙏👍
sir, thank you for sharing information in details and simple language, can you share the ppt or excel sheet of the same?
Thank u sir
Thank you ❤️❤️❤️
You are so welcome
very good vedio
Nice
Good
Sir when we sale or purchase goods a single person in that case our sale value adjusted against purchase value and differece amount received but not exceed 50 lacs due to purchase value adjusted so we collect tcs on receipt basis or 50 lacs purchase adjusted and we collect tcs on reaming value
And any party charge Tcs in Bill to kya us bill par bhi tds kaatni hai ya nahi.
Superb
Thanks 🤗
Sir
late fee challan add karne ke liye trace website per request for correction mai
Add challan to statement per click kare
Ya pay 220I. Lp,Ld, intereste ,late filling levy per click karna hai
Very nice
Thanks
Sir please clarify about including or excluding GST in both cases !!!! Also applicable financial year sir !!!
Sir , suppose tradelink pvt ltd (y) and distribution pvt(x) Ye do company mar 2021 mai merged Hue xy , dono ki financial statements x ke nam se hue F.Y.2020-21 ,or gst y company ki alag Raha (x - company Non Gst product distributor) o1.04.2021 to 30.06.2021 tradelink ki gst alag Raha fir July 2021 se dono ki ek sath hi gst return jare (x) gst or non gst , to ye case mai tds on purchase , tcs on sale , purchase or sale value 50 lakh kab se grahit karna April 2021 se ya July 2021 se plz🙏🙏🙏 reply about this
Sir tds or TCS including gst or other ya without gst other per 0.1% katega sir
sir section 206 cr
tcs sale
and tcs purchase
dono rightoff hongy k nhi. plz ans .
Very good best
सर,मै इन्डियन ऑइल कंपनी का डिलर हूँ। डिझल/पेट्रोल invoice परचेस के समय कंपनी TCS collect करती है। क्या नये रुलसे हमे TDS applicable
Sir gold labour Bill Mai TCS Lagta he kya
Plz also provide notes in pdf format it would be better for us
Sir apne bola tcs receipts pe applicable hota hai, but jb hum purchase karte hai kisi supplier se, wo toh invoice amount including gst pe tcs charge karte hai. I'm confused
Sir I have collected tcs on the whole money received in a month. Forget to less the 5000000/- threshold. What will I do now?
sir i want to conform that which challan use to pay tcs on the time of payment
sir ji changa
Sir, Thanku so much for the information , I want to ask a question that a seller sale goods to me from 01/04/2021 to 30/06/2021 with charging TCS on bill. Both party exceed 10 Cr applicability in last F.Y. year. Now from which bill i have to deduct Tds to party from beginning bill or from July month bill.
From July Bills.
Not collecting TCS on existing bills (upto 30.06.21) will be considered as default by seller.
Sir we are the importer, our previous year turnover didnt cross the limit but most of the invoices cross the limit of 50000 from the particular supplier in 2021-22, so can we able to Deduct tds?
Nice video
Thanks
Hi sir Mera new entity hai but ek party ka sale above 50lakh ho gaya hai to ye sections kaise applicable hoga pls advice
Sir sale of machine other than vehicle cost approx 10 lakhs + is TCS applicable or not
Electricity invoice me tcs lag ke aaye to 194 q me tds katega kya ?
Please reply
Two entity with same pan no
If one entity received more than 50 lakh .
So if In this case two deductee having one pan no .
What saller deductee is required fot TCS collection from second entity
And deposited on same pan no in tcs return.
Sir agrr ap isee copy pe likh k smjaa dete ki ek purches amount itna hai ispee aise TDS ya TCS lg rha hai like asie
🙏❤
Sir Thank you so much for valuable information. I want to ask a question that if seller claims TCS in bill then we also deduct TDS?
Yes, If TDS is applicable. you have to apply TDS. Ask seller to remove TCS in that case.
@@ConsultGurpreet That is where I am confused the Most, Seller is Applying TCS, But condition says We have to Deduct TDS on Bill Amount.
Sir mere ek question tha agr meri company hai or m 50 lakh se uper ka good purchase krta hu to m TDs katunga or jo sale kr rha hai wo tcs katega to sir ye match kaise hoga
Sir, Really very good. For TDS and TCS , tax deducted /Collected is inclusive of GST ?
Yes, in my view include it
No, in my view TDS is required to be deducted on payment excluding GST and TCS is required to be collected on payment inclusive of GST.
TDS or TCS dono taxable amount per deduct hoga ?
Sales /Turnover is including of gst ?
Exclusive of GST
Hmne kisi company ko bill no. 002 sale Kiya jispe buyer tds deduct kr rha hai toh kya seller uspe tcs collect kr skta hai??
Dought is if supplier collect tcs from us what about 194q applicable or not
Sir please clarify where tcs is charged in that tds also will be applicable or not
TDS will over ride TCS, Deduct TDS, ask seller not to collect TCS on the same transaction
Sir/Ma'am,
There are many videos on 194Q and 206C 1H on you tube but every has different opinions and my confusions are as below.
1. 50 lakh limit is through total invoice value or Basic value of Purchase or Sale for both sections?
2. Goods means only Traded goods or including Capital goods also for both sections?
3. TDS and TCS will be applicable on BASIC value or GROSS value?
1. Total invoice
2. Any goods(including capital goods)
3. Gross
TCS on total value it means gross value. TDS will deduct on Basic value.
Sir tcs and tds in manufacture factory in full detail link available
sr ji gold jab purchase krte hai to bhav do rahte hai 1 to tds ka bhav or 1 tcs ka bhav tds ka bhav 50 ru kam rahata hai ot tds ka bhav 50 ru jayada rahata hai
main 10 crod se uper nahi aata isliye main tds main aata hu party ke phone aate hai ki mene tds nahi bharwaya
Sir buyer ki turn over 10 cr hai or seller ki turn over 10 cr nahi hai or 50 lac cross bhi nahi karte hai to kya TDS TCS katega
Agr hme samne vali company se koi declaration Lena hai toh uski condition kya h
Tds TCS purchase and sale me kese lagate h
Sir 1% or .1% did clear
.1
Can we add tcs on sale bill
Dear sir
Can u tel me it is applicable on 0% sales and purchase also
Yes
Can get TDs and TCS tally entry pdf format
Sir tds or tcs deposit karne ki process batay onlie
Sir hme kese pta chlega samne wali party ka turnover 10 crore se upr h ya ni
You will have to ask
Sir (A) buyer having turnover 10 cr and (b) seller having turnover 10 cr , seller regularly deducts tcs against buyer, now tds and tcs both are applicable against buyer
Now TCS will not be applicable from 1 July. Buyer will only deduct TDS on purchase in this case.
@@ConsultGurpreet Sir, if the sales value is less than 50 lacs, then which is applicable TCS or TDS, as on month June/2022 ?
Income from business vis a vis tax audit pe bhi video banao sir
bhai ap tho khud ek CA ho apko tho kahi problem nahi aati hogi Taxation me
Sir ,How less 1% TCS from if total bill was 20 lakh
Sir where tcs is charged than also tds will be applicable
TDS will be applicable, stop TCS provisions
Sir mera International debit card transaction 7 lakh limit ke above transaction hone ke karan TCS 70 thousand kat gaya hai. Income-tax Act, 1961, Section 206C rule, Tax Collection at Source (TCS) par. to ye pura claim ho jayega kya .koi issues to nahi ate ?
Bhaiya ji apka solution hua kya please batana mere bi same problem h
Sir we have petrol pump business .we purchase fuel from IOC they collect tcs@0.1%.Now w.e.f 1st july 2021 will we have to deduct TDS on IOC or not ? it is confusing .... man Singh
You start deducting TDS, they will not collect TCS.
Sir my Taxable value Rs 9,53,02,523
Total GST 49,11,558.00 Total 100214087.00. TDS or TCS effect me ?
@5:54 You said Deduct TDS on Purchase Date. How can we deduct on Purchase Date. Goods are Delivered A Day Later. Credit Bill comes to the Buyer. So when We make the payment then only we can deduct the TDS Amount and pay the Balance Payment na, ?!
Sir....mujhe tds/gst ka group join karna hai....
Sir if Turnover under 10 cr..so applicable this tcs/tds
No
Both Buyer And Seller Exceeds 10Crore of Turnover. Now Who Should Apply TCS. Or Who Should Deduct TDS. ? Major Confusion.
Exactly same question
First priority TDS if Buyer does not deduct TDS then TCS will applicable.
Sir debit note credit note
Bahut sare youtuber ya galti kr rahe he,
Koi bhi vedio banate samay aapko ye bhul jana chahiye ki mene pahle bhi koi vedio bana rakhhi he,
Me jis vedio ko jis purpose se dekh rha hu vo mera us ek vedio me clear ho jae tabhi vo ek best vedio ho sakta he
Dhanyvad
Brother are both sections applicable simultaneously plz
If Both are applicable, only TDS will be applicable. Dont apply TCS
@@ConsultGurpreet thanks sir, there's a pharmaceutical company who purchases the goods from big business houses then sell the same to other businesses on B 2 B basis are both sections applicable plz clear thanks a lot
I have collect TCS from purchaser and collect TdS from seller. Then I will fill both return 26q and 26eq
Sir my firm turnover below 10 cr but transaction in more than 50 lakh I’m liable TDS /TCS
I have done the payment as TCS 1.0% (Rs.10790) to KIA motors on purchase of KIA SONET (ex showroom price Rs.1079000).
KIA motors (seller) will deposit the Rs.10790 (TCS) to government after collecting this amount from buyer (from me), right ?
Now my question is :
1) How can I claim for refund of Rs.10790 ?
2) Is the amount will be reflecting in my form 16? as a advance tax paid ? or I need to file the ITR separate for Rs.10790 ?
I am confused, please expla
Sir if party detucted tcs on sale we can also detucted tds on purchase on that bill
No
TCS mendatory n alluminium scrap business. I have small individual firm
We are trade company
The transaction with one of our company exceeds 50 lakh . But last year we have not exceed turnover 10 crores. Is we are applicable for TDs and tcs
No
@@ConsultGurpreet thanks
Lekin TCS ka bolte hai sir ki 50 lakhs se jyada ho tb whi same TDS me h to 10 crore bhot h