Tcs on sale of two wheeler
Querist : Anonymous
1st Cash Receipt - Rs.61000
2nd Cash Receipt - Rs.424000
1) Should TCS be collected on 2nd cash receipt alone as Cash receipt is >2 lakhs
2) Should TCS be collected on the total cash receipt
As per section 206C TCS will be collected at the rate of 1 per cent of sale consideration so you have to collect the TCS on full value and not only the 2nd cash receipt.
Querist : Anonymous
1st receipt - No.101 (61000)
2nd receipt - No.102 (424000) then TCS to be paid only on 2nd?
Section 206C is applicable on bill wise as clarified in the circular.
In your case u have issued two separate receipts on the same day but there is only single bill so u have to deduxt TCS on whole bill@1%
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