becker cpa

Updated CA/CS/CMA Online/Pendrive/Download classes available for May 21/ Nov 21 attempt. Call: 088803-20003

coaching
Prodamy

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Journal entry for tcs1% on car purchase by firm


Rajesh TM

Rajesh TM (Accounts Manager)     24 November 2018

Rajesh TM
Accounts Manager 
 1 likes  114 points

View Profile | My Other Post

thank you sir

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     24 November 2018

prasad Nilugal
Sr . Accountant and GST Practitioner .  
 381 likes  5662 points

View Profile | My Other Post

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 .

2 Like
prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     24 November 2018

prasad Nilugal
Sr . Accountant and GST Practitioner .  
 381 likes  5662 points

View Profile | My Other Post

Sir I request you to confirm with others also .

shahyar husain

shahyar husain   31 December 2020

shahyar husain

 32 likes  1225 points

View Profile | My Other Post
Somebody please help me out. What is TCS in vehicle purchase?
RAJA P M

RAJA P M ("Do the Right Thing...!!!")     01 January 2021

RAJA P M
"Do the Right Thing...!!!" 
 8455 likes  115247 points

View Profile | My Other Post
Originally posted by : shahyar husain
Somebody please help me out.
What is TCS in vehicle purchase?

Dear,

Ask Your question clearly...

M Venkat

M Venkat (CA finalist)     18 January 2021

M Venkat
CA finalist 
 7 likes  441 points

View Profile | My Other Post
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.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Related Threads


Loading


Trending Tags