Claim tcs amount ?

Tax collected at source (TCS) is applicable on the purchase of the high-value product. This tax is collected by the seller of the product. The buyer has to pay TCS along with the cost of goods.

The TCS given by the buyer is credited against PAN of the buyer. It adds up to tax payment of the buyer. Thus, the TCS is a type of advance tax. If you are not liable to pay any tax but forced to pay TCS because of the cash, you would get the refund after Efiling Income Tax Return.

TDS is deducted by the person from whom I receive Income. TCS is deducted by the seller from whom I avail notified products/ services. Hence, TDS relates to Income and TCS relates to Expenditure made. For example on some motor vehicles over Rs. 10 lakhs in value TCS is applied on purchase. Similarly on certain notified businesses like liquor for human consumption, timber wood, minerals, Toll plaza etc. TCS is applicable.

Tax collected at source (TCS) is applicable on the purchase of the high-value product. This tax is collected by the seller of the product. The buyer has to pay TCS along with the cost of goods.

The TCS given by the buyer is credited against PAN of the buyer. It adds up to tax payment of the buyer. Thus, the TCS is a type of advance tax. If you are not liable to pay any tax but forced to pay TCS because of the cash, you would get the refund after Efiling Income Tax Return.

TDS is deducted by the person from whom I receive Income. TCS is deducted by the seller from whom I avail notified products/ services. Hence, TDS relates to Income and TCS relates to Expenditure made. For example on some motor vehicles over Rs. 10 lakhs in value TCS is applied on purchase. Similarly on certain notified businesses like liquor for human consumption, timber wood, minerals, Toll plaza etc. TCS is applicable.