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TCS on sale of goods
TCS on sale of goods should be charged on taxable value or invoice value?
Replies (8)
Quick Summary
Invoice value on receipt of payment...
Thanks 😊 for you reply ....if tcs on invoice doesn't it mean tax on tax?
TCS is not a tax, buyer will get Credit / refund of same through his/her income tax return.
TCS is not an additional tax but is in the nature of advance income-tax/TDS for which the buyer would get the credit against his actual income tax liability and if the amount of TCS is more than his tax liability, the buyer would be entitled for refund of the excess amount along with interest.
TCS is not an additional tax but is in the nature of advance income-tax/TDS for which the buyer would get the credit against his actual income tax liability and if the amount of TCS is more than his tax liability, the buyer would be entitled for refund of the excess amount along with interest.
Very usefull and clear
thanks you 😊
thanks you 😊
Most welcome..........
How to collect Tcs from buyer at the time invoice generation or at the time of payment or make separate invoice after receiving of payment ? please clarify
Pls explain tcs for e commerce operators
If you know at the time of sale that buyer has crossed the threshold limit, then you may charge TCS in invoice, but It is best to charge TCS at the time of receiving consideration value, you may raise Debit Note for the same.
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