TCS COLLECTION ON MOTOR CAR PURCHASE REG
MEENA VIVEK (253 Points)
02 December 2021MEENA VIVEK (253 Points)
02 December 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 02 December 2021
Do not reduce it directly against advance tax installment, but adjust it against total estimated tax liability.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 03 December 2021
Calculate your estimated total tax liability while calculating the advance tax liabiliy,
Adjust the liability with the TDS/TCS deducted or collected against your PAN. Pay the remaining advance tax liability in trhe required installments.