Sir, 1. We have raised sale bills in April & may. tcs also 0.1% added in every bill.
2. and we have received payment also in the same month's, but received excess payment (March bill payment) compared sales.
sales are 5crs. receipts. 8cr.
now my query is is tcs applicable 5 cr or 8cr. ?
pls clarify.
3 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 06 July 2021
Tax u/s 206C(1H) to be collected at source on receipts (not on sales). So TCS applicable on 8cr in this case. But if you have already collected tax on this thru invoice, then no need to collect again. It would be hard to reconcile if you follow this method.
NAGA
(ACCOUNTANT)
(515 Points)
Replied 07 July 2021
Yes sir, but is there any problems in future with department.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 July 2021
If you collect tax wherever applicable then no problem ma'am
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
