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TCS RETURN(Urgent)
While filing TCS Return for scrap, we need to enter tax collection date. What is the meaning of tax collection date?
Replies (10)
TCS Date, I.e. Date of TCS mentioned in the Invoice or Date of TCS Invoice Accounting Date
Actually bill was raised on 14/07/2020 and consideration was received on 18/07/2020,
I mentioned TCS collection date as 18/07/2020, as many professionals guide me like this.
is it wrong?
I mentioned TCS collection date as 18/07/2020, as many professionals guide me like this.
is it wrong?
You are correct
Ok, further I want to know, what will be the tcs collection date, if I dont received payment till tcs collection date?
It should be the date of generating invoice or payment made which ever is earlier.
It means if we charged tcs on bill, it will be considered as TCS Collection date, even no payment is received.
Date of Collection of Amount.
You all are giving contradictory answers
Actually the TCS is to be collect on amount of receipts not on billing. So whenever you receive the amount you have to collect TCS and same is required to be shown in TCS returns. If you have not received any sum then use date of billing as date of collection
Tcs on collection is receipt or payment whichever is earlier
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