Dear Sir, When TCS is applies and what is the treatment in books of accounts ?If we purchased a new car in the name of our company what will be shown in our company accounts while recording in tally ?
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Tcs on car for company use
Replies (2)
car dr.
tcs receivqble dr.
input gst dr.(if available)
to bank.
tcs receivqble dr.
input gst dr.(if available)
to bank.
TCS is applicable if sale value of car exceeds 10 lakhs....
journal entry:
Car a/c dr
TCS receivable a/c dr
To bank / creditor
journal entry:
Car a/c dr
TCS receivable a/c dr
To bank / creditor
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