TCS ACCOUNTING, Accounting - Auditing

[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

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

You may book on the previous financial year on accrual basis.

If you book in the subsequent year you may take the credit of TCS in the previous financial year.

It is my view. Any other view, if any, is solicited.