We made a sales invoice in Scrap sales we collect the TCS and we make the payment every month 7th of subsequent month. my clarrification is 1) TCS amount added to turnover or not? if it add which place we shown exact? 2) TCS amount how to rebate claim? please clarrifi?
18 January 2014
TCS is collected and separate head is open in books of accounts. When payment is made to TCS Department, the same is debited. So, though it is added in the invoice, it is not part of turnover. TCS certificate is issued like TDS certificate after filing of TCS return, which can be claimed by the person (from whom TCS is collected) in Income Tax Return.
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