TCS ON SALE OF GOODS
This query is : Resolved
22 February 2021
If X assessee who is liable to collect TCS on sale of goods and Situation-1 If he sale goods of Rs. 80 lacs to Y and recd. Rs. 60 Lacs by cheque and remaining Rs. 20 lacs goods recd from Y (Y also sale goods to X) and their accounts are square up. So in this case whether X is liable to collect TCS full sale value of Rs. 80 lacs or only of actual amount recd. by him through cheque of Rs. 60 Lacs. Situation-2 If in above case if X assessee recd. Sales return of Rs. 5 Lacs and allowed Discount of Rs. 2 Lacs to Y and net amount recd. by cheque is Rs. 73 Lacs (Rs. 80 Lac-5Lac-2Lac=73Lac) then in this case on which amount X is liable to collect TCS whether on Rs. 80 Lacs of On Rs. 73 Lacs. Pls reply
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22 February 2021
First case TCS applicable on 80 lacs. Second case TCS applicable on 73 lacs.
22 February 2021
First case TCS applicable on 80 lacs. Second case TCS applicable on 73 lacs.
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