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TCS on sales if payment received in next financial year - Income TaxExtract Dear Sir, Most of the people are charging TCS on Sales in the Sales Invoice. TCS on Sales is based on payment collection. If Sales happens in say March 2021 wherein TCS is charged in the invoice and payment is done say in May, how is TCS on Sales collected in such case? Since TCS is already charged in invoice in March, it will need to be paid. Also since TCS is based on collection, again compliance issue might come as TCS again becomes payable. 26AS will also become complicated as party to party different systems are followed as some charge TCS on collection and some in the invoice
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