Sir
I have paid TCS of Rs 25000 during a purchase in June 21, and i want to claim its refund in ITR of FY 21-22. But my regular savings crosses the 1.5L limit of section 80C.
All i want to know is that, do i need to reduce my saving in 80C to 1.25L to claim this 25000 TCS, or it is has no relation with my 80C saving exemption limit.
TCS credits are like advance tax payments. Tax payable will be determined after reducing TDS/TCS credits. You may claim refund or adjust against other liabilities at the time of filing of ITR.
Also 80c deductions and TCS credits are different though both help reduce tax liability. No need to reduce 80c savings.
Thankyou very much. So nice of you.
CAclubindia
