Tcs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2016 Dear Sir,
Suppose a purchaser has made following purchase agaist cash payment

Rs. 65000.00 dated 15/06/2016
Rs. 100000.00 dated 16/06/2016
Rs. 50000.00 dated 17/06/2016

If three seperate dated invoices has been issued to purchaser then tcs @ 1% would be deducted or not?

Please clarify.

CA Mithil Munot

CA Mithil Munot (Expert)
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18 June 2016 TCS will not be deducted in above case.

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2016 That means if a single transaction is above two lacs then tcs would be applicable?
and
suppose purchaser is not providing his pan no. then at which rate tcs would be deducted?

CA Mithil Munot

CA Mithil Munot (Expert)
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18 June 2016 1) Yes
2) TCS @ 1% to be collected even if no PAN is provided by the Purchaser. In that case Form 60 to be obtained from the Purchaser and Return in Form 61 also to be filed (if Tax Audit applicable).

Manish Bhandari

Manish Bhandari (Expert)
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18 June 2016 no the threshold limit is each invoice exceeding Rs 200000

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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21 June 2016 Since none of the invoices is above Rs. 2 lacs TCS will not be applicable.

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