can someone please tell me when is TCS to be Collected?
thanks in advance
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Query on TCS
Replies (3)
tcs is collected on liquor timber tobacco leaves and it is included in the total amount itself we do not have to pay seperately
I want to clarify one thing. As per the provisions, if the cash sales of jewellery exceeds Rs. 500000, TCS @ 1% is applicable. However, if there is a credit sale of Jewellery of Rs. 10,00,000/- and after a month, the customer pays Rs. 6,00,000/- in cash and balance Rs. 4,00,000/- through A/c Payee cheque. Whether TCS will be applicable in the given case? Whether Rs.6,00,000/- will be considered as payment agaist credit sale or cash sales?
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