Cliaming of tcs in net tax liability
This query is : Resolved
08 February 2019
Hi Team,
Our company brought a car on which I have paid TCS, I have included this TCS in Fixed asset ledger. Whether I can claim TCS paid on these purchased item in companys net tax liability? This TCS is showing in companys 26 AS statement .Also provide the entry to be recorded.
Our company brought a car on which I have paid TCS, I have included this TCS in Fixed asset ledger. Whether I can claim TCS paid on these purchased item in companys net tax liability? This TCS is showing in companys 26 AS statement .Also provide the entry to be recorded.
Ketan Samdani
(Expert)
11 February 2019
TCS should be claimed as advance tax payment. Entry shall be as below:
TCS AY ____ Dr XXX
To Fixed Asset XXX
(Respective fixed asset)
(Being claim of TCS on fixed asset)
TCS AY ____ Dr XXX
To Fixed Asset XXX
(Respective fixed asset)
(Being claim of TCS on fixed asset)
11 February 2019
What will be the best course of practice? Thanks To treat TCS Receivable or TCS paid?
Dhirajlal Rambhia
(Expert)
27 September 2021
Its equivalent to advance tax paid. Finally adjusted against tax liability/ or provision.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Applicability of tax on invoice
- Form 144 TDS Return Validation error
- TDS- 2026-27 Q1 Correction
- Rent agreement of House of deceased person
- Advances to related party
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
