CCI Online Learning
What do you want to learn today?
     
CIBIL

Upgrad

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TCS ON SALE OF GOODS SEC 206C(1H)

This query is : Resolved 

Dear sir,
I have one doubt regarding TCS on sale of goods. Our company ABC ltd sell the goods in oct'2020
Rs.2 crores to XYZ ltd.. and XYZ ltd sell the goods to ABC Ltd Rs. 1.8 crores . in this case XYZ ltd set off payable amount against Receivable amount Rs 1.8 Crores, and Balance amount Received From XYZ ltd is Rs 20 lakhs.
In this case TCS Should be collected on what amount by ABC Ltd.
1) Whether it should be colleted on entire Rs 2 crores ..?
or
2) It should be collected on only Rs 20 Lakhs...?
3) whether TCS provision is applicable or not (Because amount received is below 50 Lakhs upto oct'2020)

Please Reply me as soon as possible.


Thanks in advance,
Regards,
Bheema Reddy.


TCS should be colleted on entire Rs 2 crores


Dear sir,
Thank u for your previous reply,
sir in our company TCS is collected on sale consideration received in excess of 50 Lakhs by raising Debit note (for TCS amount), but not on sale invoice, Because sec 206C (IH) says TCS should be collected on sale consideration received inexcess of 50 Lakhs.. In this case we have received consideration amount only 20 lakhs but not 2crores. in this case tcs should be collect on what amount..?

Please reply me sir,
Thanks in advance
Regards,
Bheema Reddy.

Book adjustment also considered as receipt.

Thank u sir for your valuable reply.


Bajaj Finserv

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries





Trending Tags
X

Daily Latest Updates in your Mail Inbox