TCS should be added on bill or debit note

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47 Points Posted on 08 January 2021
Which method is better to debit the Party for TCS. Adding it to bill or issuing Debit note on amount received during the month ? and why?
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On 08 January 2021 at 13:25 Report
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This discussion explores the best method for debiting a party for Tax Collected at Source (TCS). The consensus leans towards issuing a debit note, as TCS should be collected at the time of receiving payment, making a debit note sufficient for this purpose.

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Tax consultant
552 Points Posted on 08 January 2021
As per IT circular tcs shall be collected at the time of receipt of consideration.hence debit note
is sufficient.
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On 08 January 2021 at 13:34
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47 Points Posted on 08 January 2021

THANKS FOR RESOLVING THE ISSUE

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On 08 January 2021 at 13:41

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