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TCS accounting entry

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(Querist)
27 November 2008 My company makes sale of scrap to a scrap merchant, so TCS is applicable in this case. I want to know the rate of TCS for A.Y 2009-10 & wether TCS is to be paid from the sale proceeds or it is to be collected seperately from the scrap merchant.

E.g-- If say scrap worth Rs 1000 is sold and I need to collect TCS and pay it.Will I pay the tax from above Rs 1000 which means I am paying tax from my own money for another person, also what will be the accounting entry for TCS when I record the sale transaction in my books.
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Jitender

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Jitender (Expert)
27 November 2008 u need to collect 1% + surcharge + e.cess from buyer on Rs 1000.

entry:-
debtors dr
to sale
to tcs
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 November 2008 I agree with the above view.
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subodh

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subodh (Querist)
29 November 2008 Thanks a lot Jitender.
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