Tax planning
Claiming TCS credit or refund on foreign remittances in the ITR
What this means, checked by a CA
The TCS your bank or tour operator collects is your money, held as tax credit. We match it with your annual tax statement, get your employer to cut your salary TDS by that amount, and claim the rest as credit or refund in your return.
₹999
a year, + 18% GST
- Delivered in 2 working days after the TCS certificates and annual tax statement
- Due: Form 122 to employer any time in the year; credit claimed in the return of the year in which TCS was collected
How we do it: IDFD
Every case runs through the same four steps: Information, Discussion, Forms, Deliverables. You see each one ticked as it happens.
InformationWhat we need from you · 6 items
PAN and e-filing login
Credit sits against PAN
TCS certificates from bank or tour operator
Collector TAN and amounts
Annual tax statement (Form 26AS or Form 168)
Credit allowed only as shown
Remittance advices with dates
Year of collection and purpose
Salary slips and employer contactOptional
Form 122 adjustment
Cancellation proof, if remittance reversedOptional
Bank will not refund TCS
DiscussionWhat we discuss · 5 items
Is the TCS in your own annual tax statement, under your PAN?
Decides if credit can be claimed
Are you salaried and can the employer adjust TCS this year?
Cash back now, not at refund
Did a parent remit for a child, or the child for a parent?
Credit to other person needs declaration
Was any remittance or tour cancelled after TCS?
Claim through the return only
Has the return already been processed with an intimation?
Revised return or rectification
FormsForms we file · 5 items
Download TCS certificates and the annual tax statement; list collector TAN and TCS by date
Where: https://www.incometax.gov.in. Due: Before filing
If salaried, give Form 122 with TCS details to the employer
Where: Employer payroll. Due: During the year, before the last salary TDS
Compute total tax and the TCS credit
Tax payable = tax on income less TDS less TCS less advance tax; negative balance is the refund
Where: Internal. Due: Before filing
Fill or check Schedule TCS (TAN, name, amount, year, TCS claimed) and file the return
Where: https://www.incometax.gov.in. Due: By the return due date
If TCS is missing from the statement, ask the collector to correct its TCS statement; if processed short, file rectification under tax credit mismatch
Where: Collector, then e-filing portal. Due: After intimation
DeliverablesWhat you get · 3 items
TCS reconciliation sheet
When: Within 2 working days
Filed return with Schedule TCS
When: On filing
Rectification or collector follow-up, if needed
When: After intimation
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