Sir, 1. We have raised sale bills in April & may. tcs also 0.1% added in every bill.
2. and we have received payment also in the same month's, but received excess payment (March bill payment) compared sales.
sales are 5crs. receipts. 8cr.
now my query is is tcs applicable 5 cr or 8cr. ?
pls clarify.
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Actually tcs deduction on.?
Replies (3)
Tax u/s 206C(1H) to be collected at source on receipts (not on sales). So TCS applicable on 8cr in this case. But if you have already collected tax on this thru invoice, then no need to collect again. It would be hard to reconcile if you follow this method.
Yes sir, but is there any problems in future with department.
If you collect tax wherever applicable then no problem ma'am
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