Every time the seller receives part of the sale consideration in advance, the seller is mandated to deduct TCS under Section 206C(1H). The difficulty arises in the calculation of the amount when TCS is deducted on multiple advance payment transaction an...
sales of goods, TCS will be deducted based on PANs. If multiple customers have the same PAN, all transactions by those customers will be accumulated and compared to the threshold that is prescribed by the government. You can also accumulate the purchase threshold based on the ...
This document covers the functionality of the Tax collection at Source (TCS) on the sale of goods. This feature describes how to do the basic setup for TCS deduction on sale of goods transaction, calculate TCS on transactions from a customer or ...
How to calculate TCS on sale, Who is to collect TCS on Sale, When TCS on sale, Sec 206C 1H 37 related questions found Is TDS same as TCS? TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the...
ApplicabilityTDS is deducted from contractors’ payments, professional fees, commission, salary, rent, brokerage, interest, etc.TCS is collected on the sale of specified goods mentioned above. If the process of depositing TCS and filing returns seemed long and annoying, don’t worry. You’re not...
TCS and TDS in GST are calculated based on specified percentages in the Income Tax Act, applicable todifferent types of paymentsor transactions. 2. Why is TDS deducted? TDS is deducted to ensure timely and efficient collection of taxes, reduce tax evasion, and provide a steady revenue stream ...
If you are collecting TCS based on the other provisions of Section 206C; If the buyer is liable to deduct TDS or has deducted TDS; When goods are imported into India; and If the Government exempts a buyer or seller by notification in the Official Gazette. ...
TCS, or Tax Collected at Source, is a mechanism wherein the buyer deducts a specific percentage of tax at the source of the payment to the seller. The deducted tax is then directly deposited with the government on behalf of the seller. ...
As I have done in some cases, both TDS and GST be deducted separately, and separate return will be filled, that will be called TDS/TCS return and GST return. sudhakar (student) (39 Points) Replied 06 May 2021 Dear sauravim asking only from the income tax perspective. my query is reg...
A buyer who purchases specified goods for manufacturing, processing or production of goods/article or thing and not for trading, no tax would be deducted. In such cases the buyer would declare it in Form 27C to the seller. The seller in turn would deliver one copy of Form 27C collected ...