Dear Sir,
Our Company turnover last Financial year 10 crocs above. Now charge the TCS in all partys in our sales. or. This financial year 50 Lakhs above sale invoices only.
Pl. give you Suggestion.
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
if your company has anymore profits after 50 lakhs accruals is what you mean? It doesn’t matter, you have already charged TCS on invoices and they have come into taxable income calculations. You might have to create a credit to deferred taxes if the need arises as per IndAS. AS has the same principle I believe
CAclubindia
