Cliaming of tcs in net tax liability

This query is : Resolved

kiran (Querist)
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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.

Ketan Samdani

Ketan Samdani (Expert)
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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)

kiran

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