tcs remittance to govt account after receiving the payment. While filing the etds q1 of FY2021-22 tcs rate was 0.75 because invoices raised in fy 20 -21.
we recd default notice for short deduction of tcs
can anyone clear the issue
2 Replies
Janak Shah
(ca)
(603 Points)
Replied 27 October 2021
It's because you have booked the bills on receipt basis. You have to include the bills FY 20-21 in the same quarter when the bills were issued ie. on accrual basis.
P Venkateswarlu
(Deputy Manager-Taxation)
(47 Points)
Replied 27 October 2021
TCS remittance after receipts of the invoice amount, so we recd the invoice value including tcs which was raised in Mar,2021 ( @ 0.75%)
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