Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

TCS for advance from client for project.

385 views

Save Share

B.R.Vinod kumar

Accounts Manager

161 Points Posted on 11 April 2023

Hi,

Amount received from client TCS is applicable or not

amount received from client for project, in our invoice also tcs we created.

Tell me TCS is applicable both time.

client cross the turnover.

Replies (2)

Quick Summary

This discussion addresses whether Tax Collected at Source (TCS) is applicable on advance payments received from clients for projects. The user is seeking clarification on whether TCS should be applied both on the advance amount and again on the final invoice, especially when the client's turnover exceeds the threshold. The conversation aims to resolve confusion regarding TCS regulations for advance receipts in project billing.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 13 April 2023

Billing is an important undertaking for any business. It’s how companies get paid for the work they do on behalf of their customers and clients. But it’s not always a straightforward or even simple process.

An invoice is a document that details the nature and the cost of a service provided. This document tells the purchaser what, when, and how much to pay for a service.

A typical invoice should include a business name, date, descripttion of services, unique invoice number, and payment method. An invoice may also include payment terms that can stipulate things like a 30 day payment period and late fee.

It is important for the document to have an accurate date, invoice number, and descripttion before they are passed on to the client. Errors in an invoice may sometimes result in late payment, which can be a pain point for contractors, freelancers, and consultants.