A person whose turnover during the previous year ended 31.03.2020 was ₹ 15 crores. From 01.04.2020 to 30.09.2020 he received ₹ 55 lakhs from A against sales made by him. During the month of October, 2020 he receives anot

As per section 206C (1H) of the Income-tax Act, 1961, every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1% of the sale consideration exceeding fifty lakh rupees as Income-tax. "seller" means a person whose total sales or gross receipt or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the sale of goods is carried out. If the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the rate of TCS will be 1% under this section. The above provision has been effective w.e.f. 1st October, 2020. Therefore, amount received on or after 1st October, 2020 will be considered for the TCS purpose. ₹ 300 if purchaser having PAN. [0.1% of ₹ 3,00,000] Note: Since, the rate of TCS has been reduced by 25% during the Covid pandemic period, therefore, answers considering the reduced rate of TCS as follow: ₹ 225 if purchaser having PAN. [0.075% of ₹ 3,00,000]