Financials for India - EBS (MOSC)

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TCS @1% for Cash Sales exceeding Rs.2L w.e.f 01-Jun-2016

edited May 31, 2016 5:07AM in Financials for India - EBS (MOSC) 3 commentsAnswered

Hi Team,
As per section 206(C) of Income Tax Act TCS 1% needs to be deducted for cash sales exceeding Rs.2,00,00/- w.e.f 01-Jun-2016 onwards.  The TCS liability would be created at the time receipt application, if the receipt is a cash receipt and the applied invoice value exceeds Rs.2,00,000/-.  An illustration given in the Govt.Notification is given below for more clarity.

Y purchases goods from a dealer  for Rs.6,50,000/- on Jun 20, 2016.  Payment of Rs.6,40,000/- is made by cheque on June 21, 2016. The balance of Rs.10,000/- is paid in cash on June 22, 2016.  On June 22, 2016, the seller needs to collect Tax at Source

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