Tcs under income tax

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Chartered Accountant
7550 Points Posted on 14 April 2021

in how many days the seller will deposit the TCS amount

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On 14 April 2021 at 19:41 Report
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This discussion clarifies the deadline for sellers to deposit Tax Collected at Source (TCS) under income tax, which is the 7th of the following month. It also raises questions about the practical implications of TCS collection, particularly regarding its use when collected solely through accruals and how it relates to pricing strategies like MRP.

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Chartered Accountant
24588 Points Posted on 14 April 2021
Within 7th of next month
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On 14 April 2021 at 19:54
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CMA
13117 Points Posted on 14 April 2021

Assuming that the query is about due date for remittance of TCS, it is 7th of subsequent month. Not sure whether the seller WILL certainly do that.

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On 14 April 2021 at 20:51
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My grammar is 💯 good I
7306 Points Posted on 15 April 2021

This means a transaction must occur by 7th of next month? That is fine, if tcs alone is collected in accruals, what is the use of tcs? It should be like mrp pricing

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On 15 April 2021 at 02:37

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