TDS return Vs TCS return

Yasaswi Gomes new (Finance ) (4469 Points)

05 March 2024  

Entries in the seller books: GST 18%, TDS 10%

Dr. Debtors 47200

Cr. Income 40000

Cr. output GST 7200

after cash settlement

Dr. Bank 43200

Dr. TDS receivables 4000

Cr. Debtors 47200

When this 4000 is lower than Tax+Cess amount, difference is tax payable and when 4000 is more than Tax+Cess amount, the difference is refund. 

Now, is the same principle applicable for TCS receivables in the books of buyer?

Regards