• Such tax collected at source is to be treated on par with tax deductible at source and therefore should be taken into account while computing advance tax payable by purchaser of goods specified in section 206C.
• Credit should be given to TCS under section 206C from tax on assessed income to compute shortfall in payment of advance tax and for calculation of interest under section 234B - [2012] 20 taxmann.com 801 (Hyderabad - Trib.)
Tags-tcs deduction,tax collection at source deduction