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Sec 206c(1H)

Jyoti Narang (Kkk) (1202 Points)

01 July 2021

if seller deduct tcs as per 206C(H1) then buyer can claim credit of it.

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4 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 July 2021

Yes, if the seller collects tax at source u/s 206C(1H), the buyer (having PAN) can claim credit of it by adjusting against tax liability at the time of filing of ITR.

Jyoti Narang (Kkk) (1202 Points)
Replied 01 July 2021

Thank u any other liability on behalf of seller.and some company wants a declaration from buyer regarding non applicability of 206CCA is there anu liability to give such declaration that SEC 206CCA is not applicable on it of tdz and tcs does not exceeds 50000

CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 July 2021

Last 2 year's ITR confirmation and check on 50k limit can be verified from the portal itself. Declaration can act as a backup doc if the portal does not function due to any technical glitch.