TCS Clause Samples
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TCS. HURL's total sales turnover has exceeded Rs. 10 crores during the FY 2023-24. Consequently, we now qualify as a buyer under section 194Q of the Income Tax Act, and it is mandatory for us to deduct tax at a rate of 0.1% on the purchase of any goods with a value exceeding fifty lacs in the financial year or the aggregate of such value. All suppliers or contractors to discontinue the collection of tax (TCS) on all sales invoices. HURL will deduct tax at a rate of 0.1% TDS under section 194Q of the Income Tax Act.
TCS. The Settlement Agreement and Release dated September 4, 2007, and attached to this Agreement as the TCS Schedule is the complete and entire agreement between Seller and TCS relating to the Purchased Table Games, is in full force and effect, has not been amended or modified, and is not subject to any demand, rescission, cancellation or termination claims.
TCS. 2.8.1. The Aggregate Consideration Amount agreed to be payable to each Seller upon determination in the manner set out under SCHEDULE 2 shall be increased by the amount required to be collected towards TCS by the Respective Seller, if applicable under the provisions of the IT Act. For the purposes of this Clause, the term ‘Aggregate Consideration Amount’ shall mean the aggregate consideration payable to the Sellers by the Acquirer pursuant to the Share Transfer in accordance with this Agreement.
TCS