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TCS

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(Querist)
14 September 2020 The recent TCS (Tax Collection at Source) provisions will be applicable on purchases (other than Coal (not used for trading & Form 27C) & Import of goods) exceeding Rs 50 lakh from any vendor wherein they will recover TCS from the buyers and buyers need to account for the same as TCS credit similar to TDS credit. Kindly enlighten on this.
Regards,
Jayanta Bandyopadhyay
Howrah
14/9/2020
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 September 2020 Yes, buyers need to account for the same as TCS credit similar to TDS credit.
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