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Refund of TCS on sales

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student
210 Points Posted on 28 April 2021
client has collected Rs. 2,001 as TCS on sale as per tax invoice but paid Rs.6,144 to government by mistake.

do we have eligible to get refund?

how to proceed?
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On 28 April 2021 at 20:12 Report
Replies (2)
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Chartered Accountant
24588 Points Posted on 28 April 2021
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 libale to pay any tax but forced to pay TCS becuase of the cash, you would get the refund after Efiling Income Tax Return.
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On 28 April 2021 at 21:05
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Practice
1361 Points Posted on 28 April 2021
Refund request can be raised from TRACES portal and then documents like challan etc need to submitted in Income tax department. As the amount is very small, instead of applying for refund, adjust it with future TCS liabilities.
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On 28 April 2021 at 23:12


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