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TCS - DEBIT NOTES

NARENDRA (ACCOUNTS MANAGER) (2062 Points)

25 October 2023

Can we issue monthly debit notes for TCS , or is it compulsory to charges in invoices only ?

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 25 October 2023

Yes, You can give monthly once.

But, Better practice is with charge through invoice...

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NARENDRA (ACCOUNTS MANAGER) (2062 Points)
Replied 25 October 2023

Originally posted by : RAJA P M
	Yes, You can give monthly once.But, Better practice is with charge through invoice...

I just want to confirm that , TCS Depend on crossing 50 L turnover or 50 L receipts from customer . i think whichever is earlier one should charge tcs , right ??

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 October 2023

Originally posted by : NARENDRA
	Originally posted by : RAJA P M Yes, You can give monthly once.But, Better practice is with charge through invoice... I just want to confirm that , TCS Depend on crossing 50 L turnover or 50 L receipts from customer . i think whichever is earlier one should charge tcs , right ??

Are You asking about sec 194Q of ITA...??!

CA Raj Doshi (Practising CA) (8924 Points)
Replied 06 November 2023

TCS is on receipt basis. So charging in invoices is completely an incorrect way to do. Must stick to TCS debit notes only. Also, inform customers about this in advance. Procure TDS TCS declarations for qualifying customers

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