Tcs

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Querist : Anonymous (Querist)

07 June 2012 WHAT IS THE ENTRY FOR TCS ???????????????

UNDER TCS WHICH KIND OF ITEN FALLS?????????????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 June 2012 Debtor A/c Dr
To Sale
TO TCS Payable

TCS Payable A/c Dr
To Bank

Section 206C of the Income Tax Act deals with TCS and covers the following items:

1. Alcoholic Liquor for human consumption
2. Tendu leaves
3. Timber obtained under a forest lease
4. Timber obtained by any mode other than under a forest lease
5. Any other forest produce not being timber or tendu leaves
6. Scrap
7. Minerals, being coal or lignite or iron ore

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