Credit of tcs
This query is : Resolved
19 September 2012
Can we take credit of TCS like as TDS
19 September 2012
Yes. If TCS has been collected from you, you can take credit of same just like TDS.
19 September 2012
By we if you mean the person on whose behalf tax has been collected by another party, the asnwer to your question is yes.
But if we are the persons collecting the tax on behalf of a third party , we cannot claim the TCS.
For eg.
A bills B for a contract of Rs.1 Crore, and along with that he is also collecting 1% TCS then he shall bill him for Rs.1 crore plus 1%. And B in this case will be entitled to get a credit of this 1% TCS ad not A.
But if we are the persons collecting the tax on behalf of a third party , we cannot claim the TCS.
For eg.
A bills B for a contract of Rs.1 Crore, and along with that he is also collecting 1% TCS then he shall bill him for Rs.1 crore plus 1%. And B in this case will be entitled to get a credit of this 1% TCS ad not A.
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