tcs

So far I faced the same for the New 206C (1H) in the eTCS Return 27EQ. 

1st : The TDS Department has to give better guidelines regarding the intended figures to be put in their returns.

If the seller need to file the return, then what did the "Purchase" doing in the Form. 

2ndly so far my understanding 

a) Amount paid or Debited : from the view point of the buyer OR say what the seller has received.

b) Total Value of Purchases : is the total value of Sale to the particular party against which TCS is evaluated .

e.g. if the seller sold the goods for 1,00,00,000/- + GST5% 5,00,000 = Invoice Value Rs 1,05,00,000/-

the Buyer paid 90,03,000/- (including TCS) during the notified period.

then TCS will be calculated @  0.075% (Normal 0.1%) on 40,00,000 (90 L - 50 L) =  3,000/-.

in column  (672) Collection Code : R  (for Section 206C 1H)

                 (670) Amount Paid/Debited:  40,00,000/-

                 (673) TCS    : 3,000/-

                (669) Total Value of Purchase : Rs. 1,05,00,000/-

Dear exports, please correct me if I am wrong.

Dear Sir/Madam, I am also facing the same problem, The Goods sold value is Rs.8000000/- But received  only 5200000/- what the purchase and received amount I have to show. 

Please suggest.

Dear G.Lakshmi ji,

Assuming your problem pertain to period prier to implementation of 194Q OR the Buyer's Turnover is less than 10Cr.

I did not get any error or demand against this understanding illustrated as under.

e.g. if the seller sold the goods for 1,00,00,000/- + GST5% 5,00,000 = Invoice Value Rs 1,05,00,000/-

The Buyer paid 90,03,000/- (including TCS) during the notified period.

Then TCS will be calculated @  0.075% (Normal 0.1%) on 40,00,000 (90 L - 50 L) =  3,000/-.

in column eTDS utility:      (672) Collection Code : R  (for Section 206C 1H)

                                          (670) Amount Paid/Debited:  40,00,000/-

                                          (673) TCS    : 3,000/-

                                          (669) Total Value of Purchase : Rs. 1,05,00,000/-

Try & Succeed. 

TCS is difference than i the respect that in TCS the amount is in addition of the basic amount as against in TDS

SO FAR THE DISCUSSION SAYS FOR FORM 27EQ, FOR FY 22-23 & ONWARDS

AMOUNT PAID = AMOUNT EXCLUDING TCS

TCS = AS CALCULATED

TOTAL VALUE OF PURCHASES = AMOUNT PAID + TCS.

SIR I WANT TO KNOW, IF THERE IS NON COLLECTION OF TCS DUE TO ANY REASON ... SAY WE HAVE COLLECTED FORM 27C FROM THE BUYER.

THEN WE HAVE TO REPORT IT IN 27C AS AMOUNT ZERO BUT WHAT WILL BE THE RATE OF TAX ? WILL IT BE ZERO ? OR WILL IT BE 1% (1% IS THE RATE IF FORM 27C WOULD NOT HAVE BEEN COLLECTED)

pls help me with rate of tax query above