u/s.206C of Income Tax Act, 1% TCS is payable to seller of coal. Can buyer take credit of this tax? My reading is that it is unlike Cenvat / VAT Credit.Please guide me.
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Section 206c of tax act
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Tcs stands in par as with tds as tds is available for credit in income tax liability same as tcs can be availed as credit frm incometax liability not as vat/cenvat credit
Dear Jayant,
TCS Refers to Tax Collection at Source and is a Part of Mechanisms under income Tax Act,1961. The TCS Is Just Like TDS, Where Tax is Collected At Source.
The Seller Who collects the Tax From the Buyer Under TCS Mechanism will issue a TCS Certificate. which the Buyer can Claim against Income Tax , Just like TDS, At the end of the Year, While Filing Income Tax Return.
You Can refer Below Link: https://www.exploreincometax.com/Income-tax-Ready-Reckoners/tcs-rates-tcs-compliances .. This Explains Everything about TCS Mechanism and Explains you in detail about TCS.
If you need Bare Act on TCS you can Refer Link: https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-206C
my company is ltd. & nature of business construction work
pls. help me can be sale of scrap material without tcs ?
because we are not indusrial
Regards
Raj
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