Tcs on sale of two wheeler
Querist : Anonymous
1st Cash Receipt - Rs.61000
2nd Cash Receipt - Rs.424000
1) Should TCS be collected on 2nd cash receipt alone as Cash receipt is >2 lakhs
2) Should TCS be collected on the total cash receipt
As per section 206C TCS will be collected at the rate of 1 per cent of sale consideration so you have to collect the TCS on full value and not only the 2nd cash receipt.
Querist : Anonymous
1st receipt - No.101 (61000)
2nd receipt - No.102 (424000) then TCS to be paid only on 2nd?
Section 206C is applicable on bill wise as clarified in the circular.
In your case u have issued two separate receipts on the same day but there is only single bill so u have to deduxt TCS on whole bill@1%
Kindly like if my response has helped you
Click here to login now
Similar Resolved Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
