my client has purchase new lorry at previous year and TCS deducted on such lorry cost.
now such TCS amount is fully refundable ? or not
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TCS on purchase lorry
Replies (3)
Yes it is refundable just like TDS...... after adjustment of any tax liability, remaining amount is refunded back with interest.
TCS is nothing but taxes paid by you in advance in the form of TCS. In ITR under TDS Schedule show TCS details. This will reduce your tax liability or result into refund.
my client has filled sec 44ae for transportation business and also purchased lorry, TCS RS 26000 and other party deducted tds 10000 rs, finally ask refund 30,000, refund credit only 4000, remaining but refund sir?
why not issued?
why not issued?
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