Student
22 Points
Joined January 2011
I want to clarify one thing. As per the provisions, if the cash sales of jewellery exceeds Rs. 500000, TCS @ 1% is applicable. However, if there is a credit sale of Jewellery of Rs. 10,00,000/- and after a month, the customer pays Rs. 6,00,000/- in cash and balance Rs. 4,00,000/- through A/c Payee cheque. Whether TCS will be applicable in the given case? Whether Rs.6,00,000/- will be considered as payment agaist credit sale or cash sales?