Set off of tds towards capital gains tax
This query is : Resolved
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
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.
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
capital gain tax= xxx
(assume self assessment tax)
less- TDS amount= xxx
Net Tax laibility xxx
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