TCS on Car in name of Partner.

Manoj Punjabi (Accountant) (255 Points)

26 August 2024  

TCS on car query:

Car purchased in name of partner, amount paid by Firm.

Car is shown as asset in books of firm to claim depreciation.

TCS collected by dealer is in name of partner as car was purchased in name of partner, 26AS of partner shows this TCS.

Query is:

How can partner claim this TCS in IT returns as there is no expense in books of partner against this TCS, because car is shown as asset in books of Firm.