TCS on sale of Goods
This query is : Resolved
Quick Summary
Sharad Jain
(Querist)
02 November 2020
Need your help in deciding TCS calculations, if received payment from a customer of Rs. 1 CR., then TCS would be?
Option 1
10000000*.075=7500
OR
Option 2
10000000/100.075*.075=7494
Which option is correct? Plz share your valuable comment.
Option 1
10000000*.075=7500
OR
Option 2
10000000/100.075*.075=7494
Which option is correct? Plz share your valuable comment.
CA R SEETHARAMAN
(Expert)
02 November 2020
7500 is right.................
CA Rashmi Gandhi
(Expert)
31 January 2021
You have to collect TCS 0.075% on Rs. 1 crore i.e. 7500/-
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