tcs remittance to govt account after receiving the payment. While filing the etds q1 of FY2021-22 tcs rate was 0.75 because invoices raised in fy 20 -21.
we recd default notice for short deduction of tcs
can anyone clear the issue
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Sec 206 C 1(h)
Replies (2)
It's because you have booked the bills on receipt basis. You have to include the bills FY 20-21 in the same quarter when the bills were issued ie. on accrual basis.
TCS remittance after receipts of the invoice amount, so we recd the invoice value including tcs which was raised in Mar,2021 ( @ 0.75%)
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