06 May 2016
Respected Exoerts ! I want to clarify some points on the subject matter. As per union budget 2016 announcments it is mandatory to collect tcs on sale and service above 2lakh in cash. Some doubts are there..
1) Is it applicable only on 100%cash transaction of 2lakh and above?
2) what if credit bill is made payment is received partially in cash and non cash mode. at which point tcs will be applicable.
3) if payment is received as advance in small installments in cash
4) what if only 1000 is cash and all other payment is non cash
5) in jewellry business old gold is also exchanged with new jewellery what to do in such transaction?
plz provide some clarification on these points
Thanks in advance
07 May 2016
1 Yes. 2 TCS applicable when cash payment is 2 lacs or more. 3 TCS applicable if total payment is 2 lacs or more. 4 No TCS applicable. 5 Such a transaction no TCS applicable.
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