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Cliaming of tcs in net tax liability

This query is : Resolved 
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(Querist)
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.
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Ketan Samdani

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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)
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kiran

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kiran (Querist)
11 February 2019 What will be the best course of practice? Thanks To treat TCS Receivable or TCS paid?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 September 2021 Its equivalent to advance tax paid. Finally adjusted against tax liability/ or provision.
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