Tcs
This query is : Resolved
Amit Nandy
(Querist)
07 January 2017
If I have purchase a gold jewellery worth Rs-750000/- out of that the payment made against that purchase Rs-600000/- adjusted through old gold and rest payment made through cheque/ credit card no cash component is there in the transaction. So in that case TCS will be applicable or not?
Regards
Amit Nandy
Regards
Amit Nandy
CA Suresh Jain
(Expert)
07 January 2017
TCS is applicable on cash payments that too if cash payment is > 5 lakh
CA SUNIL K GARG
(Expert)
07 January 2017
No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.
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