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?
Menu
Refund of TCS on sales
Replies (2)
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.
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.
Recent Threads
- Revised Income tax return karna padega kya
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
Related Threads
CAclubindia
