Jai Mishra (16 Points)
28 May 2020How TCS under section 206(1H) of the Income Tax Act will be collected? Will it be demanded in the invoice itself when the seller issues invoice to the buyer? Or the seller will issue a debit note to the buyer for such TCS Amount ? What will be the procedure and documentation of this TCS Process ?
Vikas Vaishley
(89 Points)
Replied 28 May 2020
Jai Mishra
(16 Points)
Replied 28 May 2020
| Originally posted by : Vikas Vaishley | ||
 |
TCS will be collected when buyer makes the payment for consideration of sale of item as mentioned u/s 206 |  |
Sorry if i haven't made the question clear,
I didn't ask "WHEN" will TCS be collected.
I asked "HOW" will it be collected ?
What is the documentation ? Whether it will be demanded in the Invoice as a line item or shown seperately or whether it will not be demanded through invoice but by some other method ?
Vikas Vaishley
(89 Points)
Replied 28 May 2020
Jai Mishra
(16 Points)
Replied 28 May 2020
| Originally posted by : Vikas Vaishley | ||
|
It will be seperately demanded in the invoice or any other document you have issued for sales after charging of gst | |
Any source of your information ? Any reference/evidence backing your answer.
Vikas Vaishley
(89 Points)
Replied 28 May 2020
CA Harshawardhan Nigade
(Chartered Accountant)
(353 Points)
Replied 28 May 2020
Please read
Section 206C(1H) New Provisions of TCS on Sale of Goods https://www.caclubindia.com/articles/section-206c-1h-new-provisions-of-tcs-on-sale-of-goods-41555.asp
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