Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

TCS BASE AMOUNT

Akhil Goel (Student, Final) (37 Points)

20 April 2011

can someone tell me the amount on which tcs should be deducted

that is whether it should include the excise, vat(cst).

Reply
Follow
Share

2 Replies

Harish Naidu (Job) (193 Points)
Replied 20 April 2011

The excise duty paid or payable by the buyer will also form part of the purchase price for the purposes of section 44AC. Thus, income-tax will have to be collected at source under the provisions of section 206C by all persons referred to in section 44AC (e.g., Central Government, State Government, local authority, corporations, etc.) at the specified rates, with reference to the purchase price including the excise duty, etc.--Vide Circular No. 585, dt. 27-11-1990.

1 Like