Accountantjee

If your turnover exceeds 10 Crore for the previous year then it is now necessary to check every month for two things-  First is there any Debtors to whom the sales exceeds 50 lacs if yes then- you have to give them declaration stating that we will deduct TCS & if they are liable to deduct TDS u/s 194Q then we will not collect tax. Second is there any creditor from whom the purchases exceeds 50 lacs if yes then- you have to give them declaration stating we will deduct TDS u/s 194Q.   Below are the format which will assist you to send declaration to party. Seller to Buyer format (On the Letterhead of Seller) To, (Buyers Name & Address) Sub: Regarding declaration due changes in provision under Income Tax Act-1961 Dear Sir / Madam, We, ________________________, having PAN______________ hereby inform you that our total sales/gross receipts/turnover during financial year 2020-21 was more than Rs.10 Crore. Therefore, provisions of Section 206C(1H) are applicabl...