TCS U/S206C(1H)
This query is : Resolved
04 October 2020
Sir seek clarification and implementation of TCS on transcation as under :
We purchase raw material material from a party and Invoice back the same after adding our fixed conversion cost without actually receiving any payment ( except a very small amt receivable due to additional conversion fixed.cost). In this case where its like a barter system / job work ( but sales n purchases shown ) are we still liable TCS on the entire sales amount or only the conversion part for.which we actually receive the payment.. please advise..
We purchase raw material material from a party and Invoice back the same after adding our fixed conversion cost without actually receiving any payment ( except a very small amt receivable due to additional conversion fixed.cost). In this case where its like a barter system / job work ( but sales n purchases shown ) are we still liable TCS on the entire sales amount or only the conversion part for.which we actually receive the payment.. please advise..
04 October 2020
TCS applicable only on receipts in a financial year exceed 50 lacs.
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