Hi.
TCS(Tax collected at source) is to be deducted including tax amount(i.e.including Excise duty,VAT) or excluding tax amount?
Thank in advance.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 21 January 2016
Including Tax, let's see others view also
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 09 February 2016
TDS is to be deducted on the amount exclusive of service tax if the service tax amount is shown separately.
What about TCS??
plz give answer
vikash kumar singh
(______)
(184 Points)
Replied 09 February 2016
TCS is charged on purchsase price which includes SALE PRICE + DUTY + VAT.
Sivaramakumar
(GM-ACCOUNTS)
(142 Points)
Replied 10 February 2016
TCS applies u/s 206c for specific catagories for purchases.It should be made on gross value of purchases( inclusive of all duties,& VAT).the reason being it is due on the amount payable by the buyer as stated in the act and not on purchase cost.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India