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
Menu
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?
Recent Threads
- Offshore company POEM for Indian resident
- Correction in 26QB filed for late TDS filing
- GST- ITC CLAIM ON LOAN PROCESSING CHARGES
- CApital gains deduction u/s 54EC
- Reversal of Cess shown in provisions credit balanc
- ESOP shares ITR query
- Income tax on arrear payment
- INCOME TAX ON STCG/LTCG
- Ownership Documents for GST registration for Rural
- Exchange rate to use for Canadian Dollars (CAD) fo
Related Threads
CAclubindia
