Does TCS reduce the Advance Tax liability?

Income Tax ITR Filing
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1

If TCS was collected during the FY, does it count against and reduce the advance tax to be paid?

2

Hello @orion91 ,

Yes, the TCS collected will be adjusted against your actual tax liability for this year and then you need to pay the remaining amount as advance tax.

1 Like
3

Hi @orion91,

Yes, both TDS and TCS counts against your Advance Tax Liability.

Thanks,
CA. Pulkit Garg

4

Yes, Tax Collected at Source (TCS) can be adjusted against your advance tax liability, reducing advance tax payable.

5

You can reduce your advance tax liability by adjusting TCS against your advance tax liability. During the calculation of your advance tax liability, you can deduct the TCS amount already collected on your behalf.