Regarding tcs
This query is : Resolved
03 June 2016
My query is that TCS applicable on sale of goods or services exceeds Rs. 200000 in single transaction or aggregate during financial year is applicable on sale of motor vehicle. suppose a person deposit money of Rs. 300000/- in cash for a car purchased of Rs. 5 lac. is tcs collected on that amount.
CA R SEETHARAMAN
(Expert)
03 June 2016
As cash payment is involved TCS applicable on this transaction exceeding 2 lacs.
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Gokul Sharma
(Expert)
03 June 2016
WHAT HAPPEN IF PERSON DEPOSITED 100000 IN CASH AND REST AMOUNT DEDUCTED AS INSTALLMENT OF A FIXED SUM FROM HIS BANK ?
CA R SEETHARAMAN
(Expert)
03 June 2016
As the invoice value exceeds 2 lacs and cash payment involved TCS applicable.
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