A Co X being seller of goods to co Y and X1 (unit of X) purchase goods from Co Y. Instead of paying Sales Consideration in cash to X, Y sold goods to X1.
In the books of X, X1 is credited in the ledger of Y
whether X will collect TCS on goods sold to Y.
Exemption limits are crossed and covered under the provisions of TCS
Menu
Whether TCS applicable??
Replies (6)
Yes TCS should be collected if turnover exceeds 50 lakhs rupees
The turnover exceeds 50 lakhs but the consideration from the other party doesn't received in cash or bank instead by goods (bartar)
I think tax has to be collected even in this case. Though sale consideration is not received in cash, yet book entry to the same effect is made
TCS should be collected
I think tcs is not applicable here , as Tcs is collected on payment received ,
This is very interesting. both x and y companies have made sales. both of them will collect tcs from each other.
Recent Threads
- RCM doubt please clarify
- Should open NRO account?
- Which IT section applicable for cash transaction i
- ITR -property dealer
- Warehouse Registration, Whether mandatory?
- Time limit for claiming Input GST credit
- Gst rate and Sac code or RCM attract
- Poll: Do you spend > 30 min/day fixing Tally JSO
- Interest on Accident Claim by Minor
- Capital Gain and Basic Exemption Limit
Related Threads
CAclubindia
