what to do if TCS on sale of goods is not collected and the amount of TCS is also not shown in Invoice at the time of sale. so can we generate Invoice for collecting of TCS of previous year in Current year.. orr there any other way for collecting TCS
please guide
5 Replies
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 30 April 2024
Can raise debit note dated 31.03.2024 for TCS collection
Rajat jain
(student)
(218 Points)
Replied 30 April 2024
Any interest has to be paid on late collection of TCS on sale and there any disallowance under IT act
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 01 May 2024
Yes interest payable @ 1 p.m. and the same is disallowed under IT Act
Rajat jain
(student)
(218 Points)
Replied 01 May 2024
Any interest has to be paid on late collection of TCS on sale and there any disallowance under IT act
CA Anoop Kumar Sharma
(Accounts Manager)
(2070 Points)
Replied 01 May 2024
Only interest part will be disallowed, if you have paid TCS amount before due date of filing of ITR(Income Tax Return).
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