prasad Nilugal (Sr . Accountant and GST Practitioner . ) 24 November 2018
Well come sir , TCS is like paying Tax in advance so its under Loans & advance (asset ) .Its always better to take Invoice in firms name with GSTN because it Important for Audit purpose .
M Venkat (CA finalist) 18 January 2021
|Originally posted by : shahyar husain|
|Somebody please help me out.
What is TCS in vehicle purchase?
TCS(Tax collected at source) is the tax collected by vendor of CAR from the buyer @ 1% , The vendor collects the TCS in addition to the purchase value from the buyer and remits the same to the IT department in the name & PAN of buyer in his TCS return for which the buyer can claim as tax paid in his ITR filing.