U/s 206cl TCS deducted and on remittance the amount transaction available in 26AS.
while TDS Gross minus TDS and net will be credited to bank. reconciliation and claim will be followed with net receipt.
We issue Gross cheque for purchase of car and seller TCS U/a 206cl.
my doubt is how to treat and claim
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TCS CLAIM, net gross treatment
Replies (2)
Quick Summary
Sorry can you tell in brief cannot understand few things
In case of TDS
Gross, TDS and Net will be reconciled with Receipt (in bank). Further necessary journal passed for TDS to cope up with Gross.
In case of TCS we paid some amount through cheque. Let's say 12,00,000/- means invoice value as well as asset value. As per 26AS TCS 12,000/- remitted against purchasers PAN.
As we cannot enhance or reduce invoice (asset)
want to know the process of treatment
Gross, TDS and Net will be reconciled with Receipt (in bank). Further necessary journal passed for TDS to cope up with Gross.
In case of TCS we paid some amount through cheque. Let's say 12,00,000/- means invoice value as well as asset value. As per 26AS TCS 12,000/- remitted against purchasers PAN.
As we cannot enhance or reduce invoice (asset)
want to know the process of treatment
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