Tcs on liquors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2012
We have one client whose business is of Liquor, as the TCS rules are applicable on sale of Liquor he is deducting TCS on sales but some of the party dont have PAN and some parties give wrong PAN. Now the Income Tax department has raised a demand of 20% of all the sale amount of which PAN is not available of Wrong PAN is mentioned. Please clear that rules of TDS i.e. 20% deduction of Tax non availability of PAN is also for TCS or not.
10 August 2012
Section 206AA is applicable to Chapter XVIIB of the Income Tax Act.
Chapter XVIIB deals with TDS as well as TCS.
So, in case PAN is not provided, seller has to charge TCS at 20%.
Chapter XVIIB deals with TDS as well as TCS.
So, in case PAN is not provided, seller has to charge TCS at 20%.
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