Tcs on sale of goods

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Anant Gupta (Querist)
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10 June 2016 We are into book publication and sell school text books. Selling of school text books is treated as sale of goods. Please advice on TCS on following points

1. Customers make deposit to our bank account more than 2 lakhs in single deposit. Will TCS be applicable on such transaction.
2. We conduct counter sales in various schools and amount received is deposited in bank which sometimes is more than 2 lakhs. The sale is done by our staff so it this case also will TCS be applicable.

Rupesh Jain

Rupesh Jain (Expert)
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10 June 2016 if you are HUF or individual its apply if you are getting audit your books u/s 44 AB. and bill exceeds Rs. 200000/- then TCS will apply.

Anant Gupta

Anant Gupta (Querist)
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10 June 2016 Sir thanks for your quick reply. Just to clarify. The sale is conducted outstation to various children of a particular for different set of books they buy. The total amount comes to more than 2 lakhs and the same is deposited in the bank will that attract TCS

Rupesh Jain

Rupesh Jain (Expert)
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10 June 2016 for TCS condition if your single bill exceeds Rs. 2 lacs then tcs apply. not the total amount of sales.

Anant Gupta

Anant Gupta (Querist)
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10 June 2016 Just last query if we make multiple cash sales to the same party with single bill amount less than 2 lakhs but totaling more than 2 lakhs will attract TCS or not.

Anant Gupta

Anant Gupta (Querist)
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10 June 2016 Just last query if we make multiple cash sales to the same party with single bill amount less than 2 lakhs but totaling more than 2 lakhs will attract TCS or not.