07 January 2017
If I have purchase a gold jewellery worth Rs-750000/- out of that the payment made against that purchase Rs-600000/- adjusted through old gold and rest payment made through cheque/ credit card no cash component is there in the transaction. So in that case TCS will be applicable or not?
07 January 2017
No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.
CAclubindia
