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TCS @ 0.1%

This query is : Resolved 

08 January 2021 Dear Experts,
We made sales to & purchases from the same entity. We are setoff the revenue from Sales to liabilities from purchases. I want to know whether TCS @ 0.1% (which is newly applicable from Oct 20202) is applicable on the setoff value if exceeds 50L?

What kind of document will confirm its setoff both for documentation?



08 January 2021 Yes, TCS applicable on setoff value if it exceed 50 lacs.
Journal entry confirm such adjustment.

09 January 2021 Thanks for your valuable reply




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