Tcs @ 1%
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2016
As per new act, seller has to collect TCS @1% on receipt of cash sales exceeding Rs.2 Lacs on sales of any goods/service. If the sales consideration is Rs.5 Lacs, Buyer paying Rs.3 Lacs in cash and Rs.2 Lacs balance by Cheque/DD. TCS to be collected by the seller from the buyer on Rs.3 Lacs (Cash Part) or on Rs.5 Lacs (entire Sales Proceeds)? Kindly clarify
06 June 2016
TCS will be deducted on the bill amount and not only on cash part
Message likes :
1 times
06 June 2016
it collected on the bill amount .......
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Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2016
thank you for your immediate response
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