15 June 2013
sir i am doing retail gold and gold ornaments business if i sale 10 gram gold coin it will cost approx 28500. Also if i sale gold ornament 10 gram it will cost approx 31500, my question i have to collect tcs on above transaction or not all transaction are cash.plz answer also limit of gold coin and gold ornaments sale in cash plz specify.
15 June 2013
you have to collect TCS on sale of gold coin (whether it is of 10 gm or less) if the total value is 200,000 and payment is on cash (whether full or any part in cash)
Similarly, you have to collect TCS on sale of ornament amounting 5 lacs and payment received in cash (whether full or any part in cash)
16 June 2013
thanks sir that only i wanted to say sale of gold coin less than 2 lacs and sale of ornaments less than 5 lacs in cash do not come under tcs right
CAclubindia
