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TCS

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 January 2011 WE ARE MANUFACTURING CYCLE PARTS,AND SELLING SCRAP


WE ARE MAKING BILLS LIKE THIS


COST OF SCRAP RS.1000.00
TCS @1% (ON COST) RS. 10.00
VAT @ 4%(ON COST) RS. 40.00
-TOTAL RS.1050.00


LET ME KNOW THIS IS RIGHT OR WRONG IF WRONG THEN WHAT IS RIGHT

PLS ATTACH SOME PROOF ALSO FOR SUPPORT
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 January 2011 You have billed correctly.
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Guest

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24 January 2011 you have billed correctly but avoid TCS in the bill if you do'nt have any practical problem.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2011 Thanks for your reply

I have to charge it on the bill as my client will only pay if I shall charge the same in my Invoice.

Further plz note the VIEWS OF A C.A. AT LUDHIANA IS AS TCS IS CENTRALTAX THEREFORE IT SHOULD BE COLLECTED ON BASIC AMT + STATE TAXES. HOW I CAN JUSTIFY HIM
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Guest

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Guest (Expert)
25 January 2011 TCS is not the tax itself but it is only a mode of collection. However, you can issue separate bill for TCS only to avoid any type of controversy
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