TCS ON SALE OF GOODS
This query is : Open
18 February 2021
If X assessee who is liable to collect TCS on sale of goods and
Situation-1 If he sale goods of Rs. 80 lacs to Y and recd. Rs. 60 Lacs by cheque and remaining Rs. 20 lacs goods recd from Y (Y also sale goods to X) and their accounts are square up. So in this case whether X is liable to collect TCS full sale value of Rs. 80 lacs or only of actual amount recd. by him through cheque of Rs. 60 Lacs.
Situation-2 If in above case if X assessee recd. Sales return of Rs. 5 Lacs and allowed Discount of Rs. 2 Lacs to Y and net amount recd. by cheque is Rs. 73 Lacs (Rs. 80 Lac-5Lac-2Lac=73Lac) then in this case on which amount X is liable to collect TCS whether on Rs. 80 Lacs of On Rs. 73 Lacs. Pls reply
Situation-1 If he sale goods of Rs. 80 lacs to Y and recd. Rs. 60 Lacs by cheque and remaining Rs. 20 lacs goods recd from Y (Y also sale goods to X) and their accounts are square up. So in this case whether X is liable to collect TCS full sale value of Rs. 80 lacs or only of actual amount recd. by him through cheque of Rs. 60 Lacs.
Situation-2 If in above case if X assessee recd. Sales return of Rs. 5 Lacs and allowed Discount of Rs. 2 Lacs to Y and net amount recd. by cheque is Rs. 73 Lacs (Rs. 80 Lac-5Lac-2Lac=73Lac) then in this case on which amount X is liable to collect TCS whether on Rs. 80 Lacs of On Rs. 73 Lacs. Pls reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
CAclubindia
