tax collection at source

[JB]

is TCS applicable on high sea sales between two residents?

[camanoj2104]

The IT Act extends to whole of INdia
India is defined in section 2(25A)
If the transaction is in India as so defined then TCS will be applicable if the conditions in section 206C are met in respect of the transaction

CA MANOJ GUPTA
JODHPUR
09828510543

[JB]

sir,

the trnsaction is outside the terretorial waters without facing any custom procedures. But in case of Residents, global income is taxable. The other conditions of section 206C are satisfied. Will TCS  be applicable? Kindly give your views.

[camanoj2104]

dear sir
i correct myself
every seller is to collect tax from buyer at the time of debiting the buyer's A/c or at the time of collection of sale proceeds
if the seller and buyer falls within the meaning ogf section 206C then tax is to be collected
since both the persons are residents or at lest the seller is a resident he has to follow the law in section 206C the TCS is not place specific or transaction specific
If u sell the goods listed thereunder and if the law applies to u than u have to follow it
it appers that TCS will apply to the transaction
CA MANOJ GUPTA
JODHPUR
09828510543