If we pay TCS on our purchase if we purchase more than 50 lakh from one supplier.
So, my question is what to do with this TCS??
Can I treat as a direct experse?
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TCS on Purchase
Replies (6)
Purchase account DR
TCS receivable Account Dr
TO PARTY ACCOUNTANT
TCS receivable Account Dr
TO PARTY ACCOUNTANT
But what to do with tcs?
Is this our expense??
Is this our expense??
Tcs is in the form of tax which can be adjusted by the buyer against his taxability.
So it should be shown under the head Duties and taxes which you can adjust at the time of filing your income tax return just like TDS.
So it should be shown under the head Duties and taxes which you can adjust at the time of filing your income tax return just like TDS.
TCS is not your cost as it is refundable at the time of income tax return filing. Show it in Capital A/c.
Thank You very much Sir
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