For example, it describes how to do the basic setup for TCS deduction on sale of goods transactions, how to calculate TCS on transactions from customers or groups of customers, and how to calculate TCS on transactions when customers don't have a permanent account number (PAN...
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...
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...
User will receive payment from customer for sales of goods and services, TCS is to be calculated on receipt of payment for sale of goods. Provision has been provided to enter amount on which TCS can be calculated on the event of receipt of payment from customer. In addition to it, ...
- Either by going to the "Create an Account" (or equivalent) section of the Website; - Or in the process of ordering, during the identification step. 2.2 You acknowledge that You are an individual who has reached the age of majority in your country of habitual residence or, if You are...
Who is liable for TCS? 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. ...
Enter relevant details such as the name of the Nature of Goods, Section, Payment code, Threshold/exemption limit, and applicable TCS rates. Note: You can set TCS rates for different time periods by pressing Ctrl+I (More Details) > TCS Details (History). Configure the following options: ...
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
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 ...