Tcs @ 1%


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
06 June 2016 As per new act, seller has to collect TCS @1% on receipt of cash sales exceeding Rs.2 Lacs on sales of any goods/service. If the sales consideration is Rs.5 Lacs, Buyer paying Rs.3 Lacs in cash and Rs.2 Lacs balance by Cheque/DD. TCS to be collected by the seller from the buyer on Rs.3 Lacs (Cash Part) or on Rs.5 Lacs (entire Sales Proceeds)? Kindly clarify

06 June 2016 TCS will be deducted on the bill amount and not only on cash part

Rupesh Jain (Expert)
06 June 2016 it collected on the bill amount .......

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
06 June 2016 thank you for your immediate response


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
02 November 2026
Audit Executive

SRJP & Co LLP

Kochi

CA Inter

View Details