Accounting treatment of TCS collection from supplier bill
Anup Kumar Sena (CA-IPCC) (143 Points)
09 April 2021
Accounting treatment of TCS collection from suppplier
2 Replies
Mujeeb Doi
(309 Points)
Replied 09 April 2021
Account purchase value as usual, and recognise the tcs amount as an asset same as we used to recognise tds receivable, as the tcs credit will be reflected in 26AS and the same can be used to pay income taxes
Kapadia Pravin
(17264 Points)
Replied 09 April 2021
TCs is nothing but Advance payment of tax in firm of TCS
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