TCS accounting entry
This query is : Resolved
27 November 2008
My company makes sale of scrap to a scrap merchant, so TCS is applicable in this case. I want to know the rate of TCS for A.Y 2009-10 & wether TCS is to be paid from the sale proceeds or it is to be collected seperately from the scrap merchant.
E.g-- If say scrap worth Rs 1000 is sold and I need to collect TCS and pay it.Will I pay the tax from above Rs 1000 which means I am paying tax from my own money for another person, also what will be the accounting entry for TCS when I record the sale transaction in my books.
E.g-- If say scrap worth Rs 1000 is sold and I need to collect TCS and pay it.Will I pay the tax from above Rs 1000 which means I am paying tax from my own money for another person, also what will be the accounting entry for TCS when I record the sale transaction in my books.
27 November 2008
u need to collect 1% + surcharge + e.cess from buyer on Rs 1000.
entry:-
debtors dr
to sale
to tcs
entry:-
debtors dr
to sale
to tcs
27 November 2008
I agree with the above view.
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