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Tcs @ 1%

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Querist : Anonymous

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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
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Shubham Gupta

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Shubham Gupta (Expert)
06 June 2016 TCS will be deducted on the bill amount and not only on cash part
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Rupesh Jain

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

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