31 December 2013
While undergoing section 206C(1D), I got a query. My question is what is the meaning of "any amount in cash as consideration" in case of sale of jewellary. For eg. If a person purchases jewellary for Rs. 550000 and make payment partly in cash of rs. 100000 and remaining through cheque. so how TCS shall be attracted? Whether TCS is to be collected on whole amount or parly payment in cash of Rs. 100000?
31 December 2013
Thank you for your reply,.. bt sir if u have undergone sec 206C(1d) of ITact as amended by finance act 2013, it is mentioned that if seller receives "any amount on cash" as consideration of sale of jewellaryshall collect TCS if such consideration exceeds 5 lac. so sir in my question, TCS shal be collected on 1lac or on the whole consideration i.e 5.5lacs?
31 December 2013
Finance act brought this new provision but it hav min value to be in cash for rs 2 lakhs and above so in your case its not applicable as its only 1 lakh.
31 December 2013
What would have been your answer if amount received in cash is rs 2.5 lacs and remaining 3 lacs are through cheque? would TCS shall be on 2.5 lac or 5 lac?
31 December 2013
What would have been your answer if amount received in cash is rs 2.5 lacs and remaining 3 lacs are through cheque? would TCS shall be on 2.5 lac or 5 lac?
31 December 2013
What would have been your answer if amount received in cash is rs 2.5 lacs and remaining 3 lacs are through cheque? would TCS shall be on 2.5 lac or 5 lac?
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