Sec 206C (1H) - New Sub - Section in The Income-tax has been inserted for TCS on SALE OF GOODS :

1. Check Previous year`s Turnover 2019-20 more than Rs.10 Crores both sale & service income
2. Sales of GOODS consideration more than Rs. 50 Lakhs per Buyer in a FY
3. RECEIPT of such sales amount is ON OR AFTER 1ST October 2020.
4. Check Buyer has PAN & not falls under Exemption list like Government buyers
5. For receipt of amount exceeding Rs.50 Lakhs apply TCS rate 0.075% on whole invoice value – Base amount + GST
6. Such TCS amount to be deposited within 7th of succeeding month & quarterly return to be filed.
7. TCS will be reflected in form 26AS of the buyer & he can take credit.

To Know :
TCS ON SALE OF GOODS,
INCOME TAX AMENDMENTS 2020,
CHANGE IN TCS 2020,
TCS SECTION 206C,
TCS 206C (1H),
TCS ON 50 LAKH,
WHEN TO COLLECT TCS,
TCS ON SALE,
CHANGES IN TCS,
TCS,
SALE TCS,
WHEN TO COLLECT TCS ON SALE,
WHO TO COLLECT TCS ON SALE OF 50 LAKH,
NEW TAX ON SALE OF 50 LAKH,
TAX IN 2020, TCS in Tamil,

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