client has collected Rs. 2,001 as TCS on sale as per tax invoice but paid Rs.6,144 to government by mistake.
do we have eligible to get refund?
how to proceed?
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 28 April 2021
The TCS given by the buyer is credited against PAN of the buyer. It adds up to tax payment of the buyer. Thus, the TCS is a type of advance tax. If you are not libale to pay any tax but forced to pay TCS becuase of the cash, you would get the refund after Efiling Income Tax Return.
Lotus Agrawal
(Practice)
(1361 Points)
Replied 28 April 2021
Refund request can be raised from TRACES portal and then documents like challan etc need to submitted in Income tax department. As the amount is very small, instead of applying for refund, adjust it with future TCS liabilities.
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