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TCS COLLECTION ON MOTOR CAR PURCHASE REG
Assessee is a Domestic Company and they Purchased a car for office use.In purchase value seller deducts TCS Rs.33600/.Our Query is Domestic Company will pay advance tax for 31-03-2022 in that we deduct the TCS Amount as TDS in advance tax Payment Amount.Kindly Clarify.
Replies (2)
Do not reduce it directly against advance tax installment, but adjust it against total estimated tax liability.
Calculate your estimated total tax liability while calculating the advance tax liabiliy,
Adjust the liability with the TDS/TCS deducted or collected against your PAN. Pay the remaining advance tax liability in trhe required installments.
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