Tcs on sale of goods and services
This query is : Resolved
31 May 2016
Dear sir , one ambiguity is there in TCS on sale of goods and services.
1) 2 lakhs limit is monetary limit or sale/ service bill consideration limit.
2) is there any TCS applicability cash paid below 2 lakhs and sale / service consideration more than 2 lakhs.
3) can we paid up to 2 lakhs for more than 2 lakhs sale consideration.
please clarify
CA R SEETHARAMAN
(Expert)
01 June 2016
1 It is sale/service bill consideration limit.
2 TCS applicable as consideration more than 2 lacs. TCS applicable on any part of cash payment.
3 No, only bill value will be considered. Any part payment of cash attracts TCS when bill value exceeds 2 lacs.
2 TCS applicable as consideration more than 2 lacs. TCS applicable on any part of cash payment.
3 No, only bill value will be considered. Any part payment of cash attracts TCS when bill value exceeds 2 lacs.
Rupesh Jain
(Expert)
01 June 2016
if your invoices more than 2 lacs and make the payment by cash any part then TCS will attract.
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