TCS ISSUES
This query is : Resolved
TARIQUE RIZVI
(Querist)
17 October 2021
One of our suppliers has added 0.10% TCS against the taxable value as follows
Taxable value Rs 1,00,000 ( Rupees One Lacs )
Add TCS @ 0.10% Rs 100 (Rupees One Hundred)
Add IGST 0.10% Concessional Rate Rs 100 (Rupees One Hundred)
-----------------------------------------------------------------------------------
Total Bill Value Rs 1,00,200
===================================================
Sales Turnover of the suppliers above Rs 50 lacs and therefore TDS shall have to be deducted @ 0.10% against taxable purchase value.
TDS shall be paid by the customer after debiting supplier’s account by the TDS amount
Who will pay TCS ? Supplier will recover from us TCS
Supplier will pay TCS or Customer will pay TCS
Taxable value Rs 1,00,000 ( Rupees One Lacs )
Add TCS @ 0.10% Rs 100 (Rupees One Hundred)
Add IGST 0.10% Concessional Rate Rs 100 (Rupees One Hundred)
-----------------------------------------------------------------------------------
Total Bill Value Rs 1,00,200
===================================================
Sales Turnover of the suppliers above Rs 50 lacs and therefore TDS shall have to be deducted @ 0.10% against taxable purchase value.
TDS shall be paid by the customer after debiting supplier’s account by the TDS amount
Who will pay TCS ? Supplier will recover from us TCS
Supplier will pay TCS or Customer will pay TCS
CA R SEETHARAMAN
(Expert)
18 October 2021
Once TDS applicable no need to pay TCS and TCS not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- ARCA LOGIN
- TDS Return Statement Status
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
