Can I adjust my TCS tax liability without waiting until the end of the financial year?
Yes, if you are an individual taxpayer, you can claim TCS and have it adjusted as an advance tax payment. You can also adjust it against your total income tax liability while filing returns. BookMyForex will share an automated TCS certificate with the customers on their registered email id, so business owners can adjust tax in advance tax payment. Salaried individuals, may also be able to adjust the Tax Collected at Source (TCS) from TDS deductions. This is however subject to the employer’s perception of genuine TCS-paid claim and if the same can be verified on the income tax portal.