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Set off of tds towards capital gains tax

This query is : Resolved 
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(Querist)
22 December 2011 I have Cab business. A company has deducted tax for the taxi hire receipts paid by them to me. can I set off this TDS amount towards Capital gains tax
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 December 2011 Yes. You can set off the TDS amount. TDS is like advance tax paid by you. You can set off against Tax payable for income under any head of income.
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CA VISHAL RANA,CS,B.Com,AMFI

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CA VISHAL RANA,CS,B.Com,AMFI (Expert)
22 December 2011 calculate capital gain tax less TDS amount to arrive net tax liability.


capital gain tax= xxx
(assume self assessment tax)
less- TDS amount= xxx

Net Tax laibility xxx
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mouli

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mouli (Querist)
22 December 2011 Thank you
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