28 February 2017
Hello everyone,
please explain about TCS.
TCS is added in purchase bills of my firm.
can I get input of it. if yes, than what's the process
01 March 2017
TCS is income tax collected by the seller from the buyer at the time of sale of specified category of goods and it is required to be deposited with the government by the seller.
TCS can be claimed as a credit by the buyer at the time of payment of income tax of the buyer under proper disclosure in the IT return.
CAclubindia
