Cash limit above 2,00,000.00

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Sir,

Am working as an accountant in a jewellery, we had some advance booking promotion.If a customers is making advance payment above 2,00,000.00 and the customer is going to purchase ornaments after 01/04/2017, shall we collect TCS 1% from the customer above this 2 lakh limit.

Replies (7)
Not applicable till 31st March, 2017. Treat it as advance, but would be liable to deduct at the time of final billing.

Sir,

If a customer is paying cash for Rs-1 lakhs,advance bill agst cash Rs-50k and balance for gift voucher purchased agst cah Rs-51 k.Total bill amount Rs-2,01,000.00.Is TCS applicable?

For single bill of more than 2 lakhs per day, TCS will be applicable.

If the customer is purchasing more than 2,00,000.00 but agst two bills,then is it applicable.

Yes, because same person.

THANK YOU SIR...

Most welcome.

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