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Sec 206 C 1(h)

P Venkateswarlu (Deputy Manager-Taxation)   (47 Points)

27 October 2021  
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

 2 Replies

Janak Shah (ca) (554 Points)
Replied 27 October 2021

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.

P Venkateswarlu (Deputy Manager-Taxation)   (47 Points)
Replied 27 October 2021

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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