Скачать или смотреть TCS ON SALE OF SCRAP || SECTION 206C (1) || INCOME TAX || CMA AARTI SHARMA

🎯 Filing and tax audit under Section 44AB is compulsory. This also takes into account limits mentioned under Section 206C, which include the following:

Section 44AB mentions that every professional must carry auditing if their gross receipts or turnover in the books is more than Rs. 50 lakh in a particular year. In contrast, the limit extends to Rs. 1 crore for business owners. So, if their gross receipt surpasses this amount, they must get their books of accounts audited. After the amendment, this limit has surged Rs. 5 crore.
Sellers, including both individuals and HUFs, must submit TCS under Section 206C if their turnover exceeds Rs. 1 crore or Rs. 50 lakh limit in a preceding year.

🎯 Quarterly TCS return filing is compulsory under this Section. So, every tax collector must do it using Form 27EQ for the amount they collect as tax. Also, if there is any delay in TCS payment, interest must be levied.

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