When a sale of goods is posted, the tax amount on the invoice is posted to the interim TCS payable account and debited to the customer account. When the user receives payment from the buyer, the system posts an invoice transaction to accrue the TCS liability on the paymen...
In the case of TCS on “sale of goods” deduction of TCS will be made based on PAN number. If multiple customers have the same PAN number then all transactions executed by different customers who have the same PAN will be accumulated and compa...
As per the interpretation of TCS on sales of goods u/s 206C (1H), tax should be collected ‘at the time of receipt’ . It is clarified under law that TCS on sales of goods will be collected when actual payment is received by the seller. How...
Cost of Goods Sold (COGS) incl. D&A 55.81M 63.57M 77.96M 86.83M 94.03M COGS Growth COGS Growth - 13.91% 22.64% 11.37% 8.30% COGS excluding D&A COGS excluding D&A 51.74M 59.46M 73.9M 82.95M 90.48M Depreciation & Amortization Expense ...
TCS calculation on multiple nature of goods in single invoice For example, invoice has been raised to customer for INR 1,00,000. INR 50,000 each towards two nature of goods 'Scrap' and 'Timber'. In this case TCS calculation will be as following: ...
Tax Collected at Source (TCS) was originally introduced under Section 206C of the Income Tax Act, 1961. It was applicable on the sale of specific goods and on transactions between specific entities as defined by the act. In the past year, the Government of India introduced new...
ARTICLE 1: INTRODUCTION The general Terms and Conditions of Sale ("TCS") presented below apply to any purchase of products on the website www.ankama-shop.com (the "Website") completed between you ("You" or the "Customer") and the company AKM Distribution, a simplified joint-stock company...
Sir tcs on sale of good sec 206(1H), tcs to be collected on value incl of GST. It was clarified through circular by cbdt CA. Sourav Sarkar (Chartered Accountant ) (24583 Points) Replied 06 May 2021 TCS including of GST should be collected 1 Like sudhakar...
The tax shall be collected from the amount received as consideration for the sale of goods inexcess of Rs 50 lakhin any previous year. So if you are buying goods of more than Rs 50 lakh be ready to pay TCS on the same and claim the credit at the time of filing your income tax ret...
If the goods have quality problem within 12 months, please return to us, we will repair ; if we fail to repair successfully, we will send you a new one as compensation( man-made damage, improper operation and force majeure will be excepted)6.Is there any after-sale s...