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Tcs on stock i transit

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This query is : Resolved

Ashutosh Saxena (Querist)
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04 December 2010 My co. issuing purchase order in the month of march for keeping enough stock in the month of april and booking our purchaes in the month of april only while supplier issued the bills in the month of march and issuing the sale bill & tcs certificate of previous years how to present the tcs in bs & how to take benefit of tcs certificate because our purchae will be in next year.suggest

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 December 2010 You can book the Purchases in the month of March itself as the seller has raised bill upon your company and you have agreed to purchase, By doing so you would be able to get benefits of tcs certificates.

However you may show the said goods as Stock in Transit or Goods lying with Other Parties in your Stock Reports/Balance Sheet. It will facilitate various issues like confirmations etc.

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