How to pass entries in books for TCS on Sales of Goods

• October 8, 2020
• CA Chandan Agarwal's Office

Implementation of Tax Collected at Source (TCS) on Sales consideration of Goods & Accounting Entries to be passed in the books of collector

A new section 206(1H) has been introduced by government for collecting TCS on sale of goods with effect from 01 October 2020.  Since the provision is new, hence entities must make certain changes in their accounting system to implement the same.

In this article, I will share with you the preparation entities must undertake and what accounting entries they should make in their books in order to peacefully comply with the requirements of this section:

Implementation of TCS on sales consideration of Goods in accounting procedure by entity:

Read more on: https://taxguru.in/income-tax/pass-entries-books-tcs-sales-goods.html