Tcs @ 1%

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Querist : Anonymous

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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

06 June 2016 it collected on the bill amount .......


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Querist : Anonymous

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Querist : Anonymous (Querist)
06 June 2016 thank you for your immediate response



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