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.
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?
27 September 2021
Its equivalent to advance tax paid. Finally adjusted against tax liability/ or provision.
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