Sir,
The ans to second MCQ is option (b). If you could pls explain how it has been arrived at. Out of 1575, probably 250 is related to educational loan in excess of 7Lakhs ie 50000*0.5%=250(as verified by ans to third MCQ). But I couldn’t understand how the balance TCS amount has been calculated.
Part b asks about TCS to be collected by Mr. X. Whereas part c asks about TCS that would be collected from Mr. X. So first of all, both are unrelated .
In part b question is to calculate TCS to be collected by Mr. X on sale of goods.
As per section 206(C)(1H) , he has to collect tcs if consideration for sale of goods is more than Rs 50 lakhs. Tcs is to be collected at the time of receipt of consideration on amount in excess of 50 lakhs.
In this question, sale to ABC is 71 lakhs hence tcs to be collected from ABC at the time of receipt of consideration. Amount received is 19.9 + 22.5+28.6 = 71 lakhs.
Amount in excess of 50 lakhs is 21 lakhs. 21 lakhs x 0.075% = 1575. Hence tcs is 1575.
Read section 206(C)(1H)
Thank You Sir! I understood where I was going wrong.