How to Claim TCS refund ?

Before sharing with you how to claim TCS refund, let me give you a brief introduction on what is TCS. TCS in GST stands for Tax collected at source. You will come across many e-commerce websites such as Flipkart, Amazon, Snapdeal, Myntra, etc that collects GST at 1% taxable value of goods/ services sold via them. The amount is paid by the buyer and not the seller. This TCS is an asset for the seller to set off against the GST-tax liability otherwise this money can be claimed back as a refund. So, how to claim TCS refund in ITR. I will share the process with you.

How to get TCS refund?

• First, visit the GST portal at:

• Navigate to ‘Services’> ‘Returns’ > ‘Returns Dashboard’‘File Returns’ dashboard appears.

• Choose the return period of GSTR-3B being filed and go to the ‘TDS/TCS credit received’ tile. Select the ‘Financial Year’ & ‘Return Filing Period’ and hit on ‘Search’.

• Choose ‘TDS and TCS credit received’ by hitting the ‘Prepare online’ button.

• Choose a table and a summary page with all the history displayed. Choose all the relevant required via checkboxes. After choosing the records tap on the ‘ACCEPT/REJECT’ button to accept/reject the record/s.

• Verify the draft form and fill in the important information. Then tap on the ‘PREVIEW DRAFT TDS AND TCS CREDIT RECEIVED’ button. Tap on ‘Proceed to file for submission. Now, click on  ‘FILE TDS TCS CREDIT RECEIVED’ and tap on ‘yes’ when the warning message appears on the screen.

• Using a digital signature or electronic verification code, submit the form.

The TCS return would be refunded back.

This is the process of how to claim TCS refund. Hope you find this informative.

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Hi, I have shared a step-by-step guide on how to claim TCS refund. Before filing your ITR, ensure that the TCS amount has been correctly credited to your PAN (Permanent Account Number). This can be verified in Form 26AS, which shows all tax credits, including TCS, against your PAN. You can download Form 26AS from the income tax e-filing portal or through your net banking account.

How to Claim TCS Refund in ITR?

• When you file your ITR, report the TCS in the section for taxes paid. In ITR forms, under the “TCS Details” section, mention the TCS amount along with the collector’s name and TAN (Tax Deduction and Collection Account Number), which you can find in Form 26AS.

• Choose the correct ITR form based on your income sources (e.g., ITR-1, ITR-2, etc.). If your total taxable income is below the threshold, or if your tax liability is less than the TCS collected, you can claim a refund.

• Compute your total income and tax liability. The TCS will be part of your total tax payment. If the TCS amount exceeds your final tax liability, the excess can be claimed as a refund.

• After providing all necessary details, submit your ITR and e-verify it. The Income Tax Department will process the return.

• Once your ITR is processed, the TCS refund, if applicable, will be credited to your bank account. You can track the refund status on the income tax portal under “Refund/Demand Status”.

This is all about

how to claim TCS refund

.

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Worrying how can I claim TCS in income tax. Claiming a Tax Collected at Source (TCS) refund in India involves following specific procedures outlined by the Income Tax Department. TCS is a tax collected by the seller while selling certain goods, and it is deposited with the government.

Can I claim TCS in ITR?

If the buyer is eligible for a refund of TCS, they can claim it by following these steps:

• Ensure that you are eligible for a TCS refund. Eligibility criteria may vary depending on the nature of the transaction and the relevant provisions of the Income Tax Act.

• Collect all necessary documents related to the transaction for which TCS was collected. This includes invoices, receipts, and any other relevant documents.

• The most common way to claim a TCS refund is by filing an income tax return. If you have paid more TCS than the actual tax liability for the financial year, you can claim a refund while filing your income tax return.

• Choose the appropriate income tax return form based on your taxpayer category (individual, HUF, company, etc.) and the sources of income. For claiming a TCS refund, ensure that you select the correct form that allows you to claim refunds.

• While filing your income tax return, provide accurate details of the TCS collected and paid during the financial year. This information is typically included in the relevant sections or schedules of the income tax return form.

• Calculate the refund amount carefully, considering factors such as the rate of TCS, the amount of TCS collected, and any applicable exemptions or deductions.

• While filling out the income tax return form, claim the TCS refund by entering the relevant details in the appropriate sections or schedules provided for claiming refunds.

• Review the income tax return form thoroughly to ensure accuracy and completeness. Once verified, submit the form electronically through the Income Tax Department's e-filing portal or by physically submitting it to the relevant tax office.

After submitting the income tax return, you can track the status of your refund online through the Income Tax Department's website or the Tax Information Network (TIN). The status may show as 'Refund Initiated,' 'Refund Processed,' or 'Refund Failed,' depending on the processing stage.

Once your refund is processed successfully, the refund amount will be credited directly to your bank account. Ensure that the bank account details provided in the income tax return are accurate to avoid any delays or issues in receiving the refund.

This is how can I claim TCS in income tax.

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Want to know how to Claim TCS in ITR? Let me help you out. Claiming a TCS (Tax Collected at Source) refund in India involves certain procedures with the Income Tax Department.

Here are the steps on

how to claim TCS while filing ITR

:

• You should collect all relevant documents, such as TCS certificates (Form 27D) provided by the collector.

•  File your Income Tax Return for the relevant assessment year. You can also do this online on the Income Tax Department's e-filing portal.

• Before filing your ITR, verify Form 26AS. You can check this on the Income Tax Department's website.

• Calculate the amount of TCS deducted and the refundable amount. You can do this by reviewing your TCS certificates and Form 26AS.

• While filing your ITR, you will need to provide details of the TCS deducted.

• You should double-check all the details you've entered, including your bank account information to receive the refund. Submit your ITR.

• The Income Tax Department will process your ITR and verify the TCS refund claim.

• Once it is verified, the Income Tax Department will issue the refund. Refunds will be credited directly to your bank account mentioned in your ITR.

• Next in

  how to claim TCS refund in ITR,

  you can check your refund status online on the Income Tax Department's website or through the TIN (Tax Information Network) website.

• If you do not receive your refund within a reasonable timeframe, you can contact the customer care helpline or visit your local Income Tax office.

It's important to note that the process to claim TCS while filing ITR and timelines may vary, you should keep records of all relevant documents for reference.

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Filing TCS claim in ITR is a complex process. I researched a lot about it and came to know that a series of steps need to be followed to file TCS. I am not an expert; hence, I visited the income tax portal and learned about the entire process there. In fact, in their portal itself, they answered how to claim TCS in income tax return in detail. They have shared each and every step and the two processes in detail. Let me share them here.

Nearly two dozen steps need to be followed for it. There are two ways of filing income tax. 

• Either download the applicable ITR form

• Fill it offline

• Save the generate XML

• Upload it

Here is the download link-

This one TCS refund in income tax filing process. 

Or else

Enter the relevant data directly online at the e-filing portal and submit it there. Here is how you do it-

• Visit the

  Tax e filing portal

• Login to the portal by providing User ID, password and correct captcha code

• Click on e-file menu next

• Click on Income Tax Return link

• Select continue

• Fill the details- name, tax slab, year and more

• Choose the appropriate verification option

• Click on preview and then on submit

• Verify all the details and submit the ITR

• Enter the OTP within a minute and its done. 

This is what I understood and would like to say as my answer to how can I get TCS refund. I would, however, suggest you consult with an expert if you are new to it. The process is lengthy, so without an expert’s guidance, you might get confused. But do the TCS claim in ITR on time. 

Hi there,

The full form of TCS is Tax Collected Source. To get a TCS refund you need to visit the GST portal at:

The TCS amount is paid by the buyer and not the seller. To know how to claim TCS refund check out the post linked below.