21 July 2016
With Clarification given by CBDT via Circular No. 23/2016 dated 24/06/2016 with respect to TCS applicabiltiy. Suppose there are 3 Invoices each Rs 100000 sold to customer A and Customer A pays Rs 300000 in Cash against all such invoices in a day . Whether TCS is applicable on Rs 300000 recd in Cash ? Kindly advise
22 July 2016
The amount of Rs. 200000 is specified for each transaction as per the circular. Thus if the payment is made of Rs.300000 TCS would be applicable
CAclubindia
