Sec 206 C 1(h)

This discussion addresses a query regarding TCS remittance to the government account after receiving customer payments. The user received a default notice for short TCS deduction in Q1 of FY2021-22, as the TCS rate applied was 0.75% based on invoices raised in FY2020-21. The advice given is that if bills were booked on a receipt basis, they should be accounted for in the quarter they were issued (accrual basis) to correctly reflect the TCS rate applicable at the time of invoice.