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Tcs

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Guest (Querist)
25 September 2011 What is the accounting treatment to claim TCS?

Suppose the client engagged in the business of mining & querrying. e.g. he paid Rs.14,00,000/- for getting the right on mining & querrying. for that he get 26AS tax credit TCS Rs.31436/-(2% on amount actually paid)

what is the accounting treatment in the books of client.
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
25 September 2011 Mining Exps DR 1368564
TCS Paid Dr 31436

To Party 1400000
(Being amt of Bill recd for mining and querrying.........)
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