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 paymen...
However to collect TCS on sale of goods, the seller needs to raise sale invoice including the amount of TCS, account in the books as a TCS liability even in actual sense it is not payable. Even though the TCS amount is debited to the buyer, t...
However to collect TCS on sale of goods, the seller needs to raise sale invoice including the amount of TCS, account in the books as a TCS liability even in actual sense it is not payable. Even though the TCS amount is debited to the buyer, the liability under Section 206C (1H) does...
Under Section 206C(1H), a seller must collect TCS at the rate of 0.1% of the sale amount (inclusive of taxes), provided the buyer furnishes their Permanent Account Number (PAN) or Aadhaar. If they don’t provide their PAN or Aadhaar, a TCS rate of 1% must be charged o...
2.1 To make a purchase on our Website, You must have an account (hereinafter the "Account"). You can create an Account as follows: - Either by going to the "Create an Account" (or equivalent) section of the Website; - Or in the process of ordering, during the identification step. ...
50 lakhs. Under Section 206C (1H), TCS is applicable on the sale of goods, if the amount exceeds Rs. 50 lakhs. Rates The tax deduction rate (TDS) for the purchase of goods is 0.1% of the sum exceeding Rs. 50 lakhs. The tax collection rate (TCS) for the sale of goods is 0.1...
Section 206C of the Income Tax Act says that when certain specified goods are sold, a certain amount must be added to their sale price – this is TCS, or Tax Collected at Source. The seller imposes this amount on the buyer and then has to deposit it with the government by a certain ...
As per section 52 of CSGT Act, the TCS is to be collected by the e-commerce operator with respect to taxable supplies made through their portal by other suppliers, where the consideration in respect of such supplies is collected by him. Thus, the applicability for TCS collection depends upon...
Please be aware that the warranty terms on items offered for sale by third party Marketplace sellers may differ from those displayed in this section (if any). To confirm warranty terms on an item offered for sale by a third party ...
14.1.3 breach of the terms implied by section 12 of the Sale of Goods Act 1979; 14.1.4 defective products under the Consumer Protection Act 1987; or 14.1.5 any matter in respect of which it would be unlawful for us to exclude or restrict liability. ...