TCS 206 C (1h)
Siva Raj (358 Points)
03 October 2020
when the tcs payment has to pay to the government please give with government rules
6 Replies
Mili Haria
(Business)
(88 Points)
Replied 03 October 2020
TCS payment needs to be done for each month by 7th of the next month
Siva Raj
(358 Points)
Replied 03 October 2020
Some people telling only when the sales consideration is received at the time only liable to pay subsequent 7 th of the month
Mili Haria
(Business)
(88 Points)
Replied 03 October 2020
Yes, when the sales consideration will be received from the buyer, the seller will also require to collect TCS from the buyer at that point of time and deposit the same with the government by 7th of the next month.
Siva Raj
(358 Points)
Replied 03 October 2020
For example one buyer paying amount after six months from the date of invoice then ?
Mili Haria
(Business)
(88 Points)
Replied 03 October 2020
TCS is with respect to bank receipts from the buyer on/after 1.10.20 irrespective of the payment done for any invoice date
Siva Raj
(358 Points)
Replied 03 October 2020
Because existing tcs payment we have done subsequent month 7 th that's why I asked
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