TCS on Cash Receipt against sale of goods
This query is : Resolved
30 June 2016
Issue:
ABC Ltd has sold trading goods to Y Ltd vide bill No 20 for Rs.5 Lakhs on 01.06.2016 and bill no 30 for Rs.7 Lakhs on 08.06 2016.
On 03.06.2016 Y Ltd paid cheque for Rs.3 Lakhs against sale invoice no 20 dated 01.06.2016.
On 04.06.2016 Y Ltd paid cash Rs.2 Lakhs against sale invoice ni 20 dated 01.06.2016.
On 12.06.2016 Y Ltd paid Rs.5 Lakhs through RTGS against Sale Bill no.30
On 16.06.2016 Y Ltd paid cash Rs.2 Lakhs against Sale bill no.30
What is the trearment for TCS impact for the above said transactions?
please do the needful asap
01 July 2016
No TCS applicable as cash payment not exceeded 2 lacs for each invoice.
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01 July 2016
TCS is applicable if any part is received in cash and bill amount exceed 2 Lacs.
TCS is payable on receipt of cash.
Thus in both cases TCS will be applicable.
TCS is payable on receipt of cash.
Thus in both cases TCS will be applicable.
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02 July 2016
Mr Saket Jain Please see the recent clarifications.
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02 July 2016
I agree with Mr Seetharaman. My opinion was based on provision and its interpretation. However the CBDT Circular No. 23/2016 exempt TCS provision if cash receipt does not exceed 2 Lacs. Thanks & Regards.
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