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Tcs on sale
if tcs is collected on sale then whats the treatment of this tcs for buyer.i.e claim it in income tax just like tds or anything else.plz guide...
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Quick Summary
TCS amount is current assets so we treat as before TCS amount
Sorry i didnot get u
Tcs is just like tds claim in income-tax return
| Originally posted by : Jyoti Narang | ||
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if tcs is collected on sale then whats the treatment of this tcs for buyer.i.e claim it in income tax just like tds or anything else.plz guide... |  |
You are right. Show such transactions under Current Assets and adjust the same against income tax liability (just like TDS).
Claim it like TDS and record in your books under current assets.
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