Per the interpretation of TCS on sales of goods under section 206C (1H), tax should be collected "at the time of receipt." The law clarifies that TCS on sales of goods will be collected when actual payment is received by the seller.However, to collect TCS on sales of...
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. Ho...
Section 206C(1H) provides that tax is required to be collected where the amount is received as consideration for the sale of goods. In simple words, the tax should be collected where the amount is received on or after 01-10-2020. Thus, the...
If you are choosing TCS on realisation, then record a receipt voucher.Gateway of Tally > Vouchers > press F8 (Sales). Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales) Select the Party A/c name and Sales ledger. Select the Nature of Goods in the TCS ...
In the past year, the Government of India introduced new provisions for TCS under Section 206C as sub-section 1H in theFinance Act, 2020. According to the new provisions, sellers are required to collect TCS from their buyers on sales of goods from 1 October 2020. ...
This section of the page shows the number of discretionary Buy and Sell transactions recorded for the last 3-Months, 6-Months, and 1-Year. The histogram provides a visual clue as to whether more buying or selling occurred. For Buys, this includes "Buy" and "Subscribe" transactions. When ...
Taxable sales procured by the operator on behalf of other suppliers (and not for self-owned supplies) A consideration in respect of such supplies is collected by the operator. So, if you are providing ecom portal to suppliers and buyers, TCS is applicable to you. ...
TCS calculation on customer payments under section 206C(1H). Create General Journal, Cash Receipt Journal or Bank Receipt Journal Choose the icon, enter General Journal, Sales Journal, Cash Receipt Voucher or Bank Receipt Voucher, and then choose the related link. Select Document Type as Pa...
Dear Sir Our Company turnover last Financial year 10 crocs above Now charge the TCS in all partys in our sales or This financial year 50 Lakhs above sale invoices only Pl give you Suggestion - GST
Tax collected at source (TCS) is the tax payable bya seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.