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
CAclubindia
