1% TCS (Sec 206C of Income Tax Act) is deducted by Coal India from Trader. That party makes a re-sale to us. If he re-covers this tax from us, Can he can issue TCS certificate or transfer it. Can we take tax credit in our final tax assessment-26AS? Please guide me.
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Sec206c of income tax act; tax on coal
Replies (1)
dear sir,
First of all TCS is collected on income of buyer and if you are covered by section 206C then the seller should collect TCS from you. You can claim that in computation of self assessment u/s 140A but make sure that you receive certificate of tax collection at source in form no.27EQ
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