GST-TCS on receipt of payment from an e-commerce customer must be accounted for under the GST-TCS recoverable account. Select the respective ledger account under Tax setup as explained in the following steps.Go to Tax > Tax configuration > Setup > GST > GST TCS Tax component and set up ...
TCS on advance receipt of payment Under section 206C(1H), sellers must deduct TCS every time that they receive payment against a sale consideration, or every time that they receive an advance payment. However, aa difficulty arises in the calculation when the amount of the pa...
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...
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. H...
TCS On Recpt. Of Pmt. Amount can be updated in two different ways. One is you can put the amount directly in this field, else you can go to Action > Function > Get Open Posted Lines For TCS Payment, and select sales lines that are applicable for receipt of payment. System will...
TCS to be calculated on customer advance payment (through general journal, cash receipt journal) For example, advance payment received from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection 'Scrap' In this case TCS calculation will be as following: ...
Print Form 27D for customers to acknowledge receipt of TCS on goods sold. Create a voucher and payment for TCS owed to tax authorities.23.4 Setup Requirements for TCS This table lists the TCS setup requirements for India: Setup RequirementCommentsCross-Reference Set up tax types and adjustments ...
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You will receive a confirmation email when you apply. You’ll also receive a payment receipt, if you have donated your entry fee. Please check your junk folder if this doesn’t arrive in your inbox. The results of the 2025 TCS London Marathon Ballot will be emailed to all entrants in Ju...
Section 206C of the Income Tax Act governs the goods on which the seller has to collect tax from the purchasers. In this article, we will discuss the TCS Rates applicable for FY 2021-22. TCS Rates for Financial Year 2021-22(A.Y.2022-23) TCS RATES Section Nature of Payment ...