To enable TCS on sales of goods on a collection-of-payment basis, you must complete three tasks.Turn on the feature through Feature management. Section 206C(1H) states that tax must be collected when the amount is received as consideration for the sale of goods. In other...
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. Zoho Books...
As per section 206C (1H) TCS should be collected at the time of receipt of payment from customer in view of this interim accounting is introduced for this feature. Where TCS amount will be posted to interim account and added to invoice value at t...
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...
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. ...
TCS calculation on customer payments under section 206C(1H) and where GST is also applicable. 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...
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: ...
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 ...
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...
For detailed requirements, please have a look at user manual in support section. RaceTCS has been used in American, European, Japanese, kit cars and single seaters. If you are not sure whether RaceTCS is compatible with your car, please contact us. How long do i have to wait for ...