TCS ON SALE OF GOODS SEC 206C(1H)
This query is : Resolved
27 October 2020
Dear sir,
I have one doubt regarding TCS on sale of goods. Our company ABC ltd sell the goods in oct'2020
Rs.2 crores to XYZ ltd.. and XYZ ltd sell the goods to ABC Ltd Rs. 1.8 crores . in this case XYZ ltd set off payable amount against Receivable amount Rs 1.8 Crores, and Balance amount Received From XYZ ltd is Rs 20 lakhs.
In this case TCS Should be collected on what amount by ABC Ltd.
1) Whether it should be colleted on entire Rs 2 crores ..?
or
2) It should be collected on only Rs 20 Lakhs...?
3) whether TCS provision is applicable or not (Because amount received is below 50 Lakhs upto oct'2020)
Please Reply me as soon as possible.
Thanks in advance,
Regards,
Bheema Reddy.
I have one doubt regarding TCS on sale of goods. Our company ABC ltd sell the goods in oct'2020
Rs.2 crores to XYZ ltd.. and XYZ ltd sell the goods to ABC Ltd Rs. 1.8 crores . in this case XYZ ltd set off payable amount against Receivable amount Rs 1.8 Crores, and Balance amount Received From XYZ ltd is Rs 20 lakhs.
In this case TCS Should be collected on what amount by ABC Ltd.
1) Whether it should be colleted on entire Rs 2 crores ..?
or
2) It should be collected on only Rs 20 Lakhs...?
3) whether TCS provision is applicable or not (Because amount received is below 50 Lakhs upto oct'2020)
Please Reply me as soon as possible.
Thanks in advance,
Regards,
Bheema Reddy.
27 October 2020
TCS should be colleted on entire Rs 2 crores
28 October 2020
Dear sir,
Thank u for your previous reply,
sir in our company TCS is collected on sale consideration received in excess of 50 Lakhs by raising Debit note (for TCS amount), but not on sale invoice, Because sec 206C (IH) says TCS should be collected on sale consideration received inexcess of 50 Lakhs.. In this case we have received consideration amount only 20 lakhs but not 2crores. in this case tcs should be collect on what amount..?
Please reply me sir,
Thanks in advance
Regards,
Bheema Reddy.
Thank u for your previous reply,
sir in our company TCS is collected on sale consideration received in excess of 50 Lakhs by raising Debit note (for TCS amount), but not on sale invoice, Because sec 206C (IH) says TCS should be collected on sale consideration received inexcess of 50 Lakhs.. In this case we have received consideration amount only 20 lakhs but not 2crores. in this case tcs should be collect on what amount..?
Please reply me sir,
Thanks in advance
Regards,
Bheema Reddy.
28 October 2020
Book adjustment also considered as receipt.
30 October 2020
Thank u sir for your valuable reply.
31 January 2021
You have to collect TCS on Rs. 2 crores
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
