can someone please tell me when is TCS to be Collected?
thanks in advance
rocky
(cA)
(193 Points)
Replied 29 January 2013
tcs is collected on liquor timber tobacco leaves and it is included in the total amount itself we do not have to pay seperately
Salma I Shaikh
(Student)
(22 Points)
Replied 30 August 2014
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?
CAclubindia
