Tcs on sale of two wheeler
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2016
Sale Value of Vehicle is Rs.485000
1st Cash Receipt - Rs.61000
2nd Cash Receipt - Rs.424000
1) Should TCS be collected on 2nd cash receipt alone as Cash receipt is >2 lakhs
2) Should TCS be collected on the total cash receipt
1st Cash Receipt - Rs.61000
2nd Cash Receipt - Rs.424000
1) Should TCS be collected on 2nd cash receipt alone as Cash receipt is >2 lakhs
2) Should TCS be collected on the total cash receipt
23 August 2016
Dear Sir,
As per section 206C TCS will be collected at the rate of 1 per cent of sale consideration so you have to collect the TCS on full value and not only the 2nd cash receipt.
As per section 206C TCS will be collected at the rate of 1 per cent of sale consideration so you have to collect the TCS on full value and not only the 2nd cash receipt.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2016
If both the receipts are received on the same day and the receipts are billed separately,
1st receipt - No.101 (61000)
2nd receipt - No.102 (424000) then TCS to be paid only on 2nd?
1st receipt - No.101 (61000)
2nd receipt - No.102 (424000) then TCS to be paid only on 2nd?
24 August 2016
Dear user,
Section 206C is applicable on bill wise as clarified in the circular.
In your case u have issued two separate receipts on the same day but there is only single bill so u have to deduxt TCS on whole bill@1%
Kindly like if my response has helped you
Section 206C is applicable on bill wise as clarified in the circular.
In your case u have issued two separate receipts on the same day but there is only single bill so u have to deduxt TCS on whole bill@1%
Kindly like if my response has helped you
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