When we create an invoice by applying TCS, the TCS amount will be added to invoice amount.
We can select Net amount/Total amount when applying TCS on invoice.
E.g. If the invoice value is 100rs with 5% tax.
Applied on Net amount-
If the 1% TCS applied on invoice net amount i.e. 95.24, then 1 rs will be the TCS amount addded against invoice after rounding off.
This results in addition of 1% on the net amount ,and the total invoice amount needs to be collected from the buyer with the help of record payment option.
Applied on Total amount-
If the 1% TCS applied on total amount i.e. 100rs then the TCS will be 1rs.
This results in addition of 1rs on total amount, and the total invoice amount needs to be collected from the buyer with the help of record payment option.
