iif sell tractor Mr Preet patel Rs.735000 and Loader Sell 350000 party name same but tractor bill and loader bill given to separate to party then TCS applicable or not and Payment received cheque. and farmer purchase tractor Rs.7,50,000 and given to cash the applicable tcs
2 Replies
Gourav Gupta
(Working in CA Firm)
(671 Points)
Replied 20 May 2017
issue involved 2 things Purchase of tractor 7.35 lacs and purchase of loader 3.50 lacs.
one provision is there if value exceeding 2 lakh and payment made in cash TCS will attract.
2nd the single invoice value exceeding rs 10 lacs irrespective of mode of payment TCS will attracts.
The payment made in cheque for separate invoice of Loader 3.5 lacs TCS will not apply. However when it sold in cash more than 2 lacs TCS will apply therefore 7.5 lacs for cash sales TCS will attract.
one provision is there if value exceeding 2 lakh and payment made in cash TCS will attract.
2nd the single invoice value exceeding rs 10 lacs irrespective of mode of payment TCS will attracts.
The payment made in cheque for separate invoice of Loader 3.5 lacs TCS will not apply. However when it sold in cash more than 2 lacs TCS will apply therefore 7.5 lacs for cash sales TCS will attract.
priteshkumar mukeshbhai patel
(account manager)
(23 Points)
Replied 22 May 2017
TRACTOR AND LOADER PURCHASE PARTY SAME BUT DIFFERENCE BILL THEN TCS APPLICABLE
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