TCS ACCOUNTING

[PAWAN BANSAL]

Dear All,

One of our supplier deduct TCS on bill of goods supplied on 31.3.2021,which was received by us on 3.4.21

TCS is showing in form 26AS.of FY 2021

1)is it mandatory to books TCS amount as is showing in form 26AS,if yes, then how as we have not received materials in that particular year.???

2) can we pass entry of TCS only without purchase entry???

please provide your view

Thanks

AI Summary

Query on TCS Deduction Timing: Goods Billed vs. Received Dates and Financial Year Recording Requirements A participant raised a query regarding the deduction of TCS by a supplier for goods billed on March 31, 2021, but received on April 3, 2021. The TCS appears in Form 26AS for the financial year 2021. The participant asked whether it is mandatory to record the TCS amount for the previous financial year and if a TCS entry can be made without a purchase entry. A respondent suggested booking the TCS on an accrual basis for the previous financial year and taking credit for it, inviting additional perspectives from others.