Good Day to All,
KIndly clarify this query - while preparing the TCS E-Return(27EQ) there is Col No.668in Annexure Sheet is asking details of purchases.
which amount to be filled total value of purchases (ie) Pur Cost + Vat + TCS(Collected by our purchaser) is correct or not
If Not kindly inform what to do.
Awaiting for reply
Thanks in Advance
Mohamed
@ Mohamedji : Since last 2 yrs i am submitting TCS Return considering the total value of Sales + VAT on Sales + TCS on Sales as Purchase figure in Column No. 668.
I am using software provided on NSDL's site. Now , i have some logic behind considering above figure as Purchase figure.
1.) There is a column - "Amount Debited or Payment Recd" : It means it is the amount on which TCS is collected. Hence there is no logic , that same amount we have to show in other column.
2.) Column 668 - Amount of Purchase : If you will notice than we are submitting this return considering sales , It is not for any profitability or TCS is not to be collected as any % on Profit (Sales - Purchase ), Also we have to enter such value of purchase against the same row - where you have entered the figure of sales & TCS. There is no logic at all to consider Purchase figure here.
What i am doing is as they have asked TOTAL VALUE OF PURCHASE , i always enter SALES + VAT + TCS. Till the time they have not rejected any of my return. There is no demand notice or any default notice on such issue.
This is the way i am doing. So its purely my opinion becuase nowhere they have explained the "TOTAL VALUE OF PURCHASE" for 27EQ.
Regards :
VARSHIT SHAH
CAclubindia
