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Whether TDS deduction during the purchase of any goods be on total invoice amount including excise duty or excluding?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

TDS to be deducted on the Total Invoice value excludng the Service Tax.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hie TDS provision does not apply to the payments specifically meant for purchase of goods. In those case the Income tax department purely depends on the Advance Tax paid by the Assessee on respective due dates specified by the department

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Open uri20170510 32134 ng4pv?1494421709 answered

your question should be " Whether TCS deduction during the purchase of any goods be on total invoice amount including excise duty or excluding?" Recently by finance Act 2016 government has imposed TCS on cash sale of goods or services with effect from 1-6-2016. Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other **goods** (other than bullion or jewellery) or providing any **service** shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to 1% of sale consideration as income-tax, if such consideration, — (i) for bullion, exceeds Rs 2,00,000or (ii) for jewellery, exceeds Rs 5,00,000 or (iii) **for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds Rs 2,00,000** Provided that if any transaction covered under TDS than TCS will not be applicable on it. > Now your question " Whether TCS deduction during the purchase of any > goods be on total invoice amount including excise duty or excluding?" The section has spoken the word Sales Consideration and the word “Sale Consideration” cannot be equated with “Gross Turnover” u/s 44AB , where in refundable taxes are required to be excluded.Therefore TCS to be charged on full amount of sale consideration including all Taxes, Duties, Cess or fee.

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Open uri20170510 32134 nwqd3c?1494421745 answered

TDS provision does not apply to the payments specifically meant for purchase of goods. In those case the Income tax department purely depends on the Advance Tax paid by the Assessee on respective due dates specified by the department.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Except service tax any tax in the invoice we have to include while calculating TDS.

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Open uri20170510 32134 x9fu1w?1494421642 answered

TDS (TCS) collection during the purchase of any goods will be on total invoice amount including excise. No need to exclude excise duty to calculate TCS.

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Bhavya Shah commented over 2 years ago

Would you explain me with any example. Don't you think this would amount to double taxation as per my understanding of your answer.

kanak commented over 2 years ago

TDS/TCS is not taxation... Taxation is on your taxable income...if your TDS/TCS amount is more than your tax liability( which is calculated as per your taxable income) then you can claim refund. Second thing excise and income tax are different.. One is indirect tax and Income tax is direct tax. Any way deduction of tax is not double taxation as you can claim refund for excess payment.

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