TCS @ 0.1%
This query is : Resolved
Quick Summary
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?
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?
CA R SEETHARAMAN
(Expert)
08 January 2021
Yes, TCS applicable on setoff value if it exceed 50 lacs.
Journal entry confirm such adjustment.
Journal entry confirm such adjustment.
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