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TCS is to be deducted at the time of
Debiting the Party(Passing Sales Entry)
or
Receipt of Such Amount
which ever is earlier
and Deposited by 7th of next month

Case 1
Suppose A makes Sale of 100000 to B on 10 June
Amount received by A from B on 16 July
When is TCS Collected and when Deposited

-a-
TCS Collected on 10 June and Deposited by 7 July

-ea-

Case 2
Suppose A makes Sale of 100000 to B on 10 June
Amount received in Advance by A from B on 25 April
When is TCS Collected and when Deposited

-a-
TCS Collected on 25 April and Deposited by 7 May

-ea-

Case 3
Suppose A makes Sale of 100000 to B on 10 June
30% Amount received in Advance by A from B on 25 April
Balance Received on 24 August
When is TCS Collected and when Deposited

-a-
30% TCS Collected on 25 April and Deposited by 7 May
70% TCS Collected on 10 June and Deposited by 7 July
-ea-

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com.
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