Accounting Entries for TCS

In A's Books,

Cash A/c Dr.                 9800

TCS by Others A/c Dr     200

To Sales                                       10000

In B's Books,

Purchases A/c        Dr.       10000

To    Cash                                             9800

To TCS                                                       200

In A's Book

Cash A/C / B's account    Dr. 10,200

                             To Sales A/C cr.             10,000

                             To TCS payable A/C cr.      200

In B's Books

Purchase A/c Dr         10,000

TCS receivable A/C Dr.   200

       To Cash / A's A/C Cr.         10,200

tcs entries for contractor of toll plaza/ mining n querry/ lease relating to parking lots

Same as mentioned ago

accept with bimal

I believe, TCS is not receivable, it is a payment no need to keep in balance sheet as receivable, since the money goes to seller account. am i right

Hi,

Sales of Rs. 100, GST @ 18%, TCS @ 2%

In the books of Seller:

Customer A/c Dr.                              120

          To Sales                                            100

           To GST payable                                18

            To TCS payable                                2

In the books of Buyer:

Purchases A/c Dr.                              100

TCS A/c Dr.                                         2

 GST input A/c Dr.                              18

            To Creditors                                   120

Deposit of TCS by seller:

TCS A/c Dr.                                      2

            To Bank                                        2

can anyone tell me how tcs entry close in books of purchaser

Just like TDS, TCS amount paid by the buyer to be recorded as Receivable in Books, which will be adjusted with the tax liability for the particular financial year. In case of no tax liability the same can be claimed as refund while filing ITR for such Financial Year.