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Tax collection at source

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 September 2013 any body knows answer of this question. pls reply
when i purchased a alcohol i give a tcs on it at a applicable rate. and i made a entry:
purchase a/c DR.
tcs a/c Dr
To parties.

BUT MY QUESTION IS IF I MADE A TCS ACCOUNT THEN IN WHICH ACCOUNT TCS ACCOUNT IS CLOSED.
AND WHY...

PLS. PLS. REPLY
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CA Parul Saxena online

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CA Parul Saxena online (Expert)
28 September 2013 TCS is simple your expense....i think no credit is obtained for this amount lets wait for other's opinion.....
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
28 September 2013 Yes the credit of TCS will be allowed.
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