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"
CAclubindia
