Tax collected at source

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Jaya Prakash (Querist)
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21 March 2012 How to calculate TCS?
Whether TCS is collected on Gross Value i.e, Inclusive of Excise Duty and VAT or it is to be collected on basic value.

Example:
Basic Value 1000
Excise Duty 100
VAT 50
Total 1150
Say TCS is 1%

Whehter TCS is RS.11.5/- (115*1%) or Rs.10/- (100*1%)

Since In Income Tax Act it is said that value is to be debited to the buyer account at the time of receipt of "SUCH AMOUNT"

SUCH AMOUNT means Basic Value or Gross value...?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2012 TCS will be calculated on the net amount, i.e., after all taxes.

In the above case, TCS shall be Rs. 11.50. (1% of Rs. 1,150)

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Jaya Prakash

Jaya Prakash (Querist)
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22 March 2012 Thank u very much Mr.Siddhartha bhardwaj

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