Jyoti Narang (Kkk) (1204 Points)
19 February 2021
M.Siva Subramanyam
(accountant)
(64 Points)
Replied 19 February 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 April 2021
| Originally posted by : Jyoti Narang | ||
 |
if tcs is collected on sale then whats the treatment of this tcs for buyer.i.e claim it in income tax just like tds or anything else.plz guide... |  |
You are right. Show such transactions under Current Assets and adjust the same against income tax liability (just like TDS).
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 14 April 2021
Claim it like TDS and record in your books under current assets.
CAclubindia
