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TCS @ 0.1%

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(Querist)
08 January 2021 Dear Experts,
We made sales to & purchases from the same entity. We are setoff the revenue from Sales to liabilities from purchases. I want to know whether TCS @ 0.1% (which is newly applicable from Oct 20202) is applicable on the setoff value if exceeds 50L?

What kind of document will confirm its setoff both for documentation?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 January 2021 Yes, TCS applicable on setoff value if it exceed 50 lacs.
Journal entry confirm such adjustment.
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M Sairam

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M Sairam (Querist)
09 January 2021 Thanks for your valuable reply
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