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TCS RETURN(Urgent)

Anmol Singla (808 Points)

28 March 2021

While filing TCS Return for scrap, we need to enter tax collection date. What is the meaning of tax collection date?

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10 Replies

Mohanraj J (1162 Points)
Replied 28 March 2021

TCS Date, I.e. Date of TCS mentioned in the Invoice or Date of TCS Invoice Accounting Date

Anmol Singla (808 Points)
Replied 28 March 2021

Actually bill was raised on 14/07/2020 and consideration was received on 18/07/2020,
I mentioned TCS collection date as 18/07/2020, as many professionals guide me like this.
is it wrong?

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 28 March 2021

You are correct

Anmol Singla (808 Points)
Replied 28 March 2021

Ok, further I want to know, what will be the tcs collection date, if I dont received payment till tcs collection date?

akshat sharma (student) (24 Points)
Replied 29 March 2021

It should be the date of generating invoice or payment made which ever is earlier.

Anmol Singla (808 Points)
Replied 29 March 2021

It means if we charged tcs on bill, it will be considered as TCS Collection date, even no payment is received.

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 29 March 2021

Date of Collection of Amount.

Anmol Singla (808 Points)
Replied 29 March 2021

You all are giving contradictory answers

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 29 March 2021

Actually the TCS is to be collect on amount of receipts not on billing. So whenever you receive the amount you have to collect TCS and same is required to be shown in TCS returns. If you have not received any sum then use date of billing as date of collection

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