How to book TCS u/s 206C(1H) in books, at the time of Receipt or Invoicing
CA Pratibha Goyal | Oct 15, 2020 |
How to book TCS u/s 206C(1H) in books, at the time of Receipt or Invoicing
TCS u/s 206C(1H) is applicable with effect from 1st Oct 2020. It is applicable on:
Rate of TCS under this section is 0.075% till 31/03/2021 & 0.10% after 01/04/2021.
If the PAN/Aadhar of the buyer is not available, then the TCS rate shall be 1%.
Usually, as per TCS provisions, TCS should be booked at the time of payment or while making an entry in books, whichever is earlier. However, TCS liability u/s 206C(1H) is arising at the time of “Receipt of Sale Consideration” and not at the time of billing.
What if we book TCS at the time of each and Receipt?
What if we book TCS at the time of generating the Invoice?
In this regard, we have made a small video, the link of which is given below for reference:
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