Fact-check notes
Last fact-checked: 2026-05-30
Tax caution: AY 2026-27 covers FY 2025-26 and continues under the Income-tax Act, 1961. New Act, new section and new form references should be verified against official utilities before filing.
Research note: This page uses Batch 15 competitor-gap research and supplied forward-looking 2026 topics. Treat future-dated form or section references as planning notes until official utilities confirm them.
Use this page as preparation guidance. A professional should verify the active law year, notification, portal utility and source records before filing or taking a tax position.
What this covers
Section 394 is treated as the new Act TCS reference for businesses that collect tax at source and need buyer-level records, challans and return reconciliation.
- Covers TCS planning for specified sales, LRS-like cases and collector reporting workflows.
- Buyer PAN, invoice value, rate and collection date must be reliable.
- TCS return and certificate data should reconcile with sales records.
- Refund/adjustment cases need careful documentation.
Who this is for
- Seller collecting TCS on specified goods.
- Dealer or travel business checking TCS controls.
- Finance team reconciling TCS credit complaints.
- CA filing TCS returns.
Documents and data to verify
- Buyer details and invoices.
- TCS rate and section mapping.
- Challans and return acknowledgements.
- Credit notes and cancellations.
Common mistakes to avoid
- No buyer PAN validation.
- Mismatch between sales and TCS returns.
- Late deposit after collection.
- Unclear treatment of refunds or cancellations.
How to proceed
- Confirm the applicable financial year, assessment year, taxpayer type, state and portal status before acting.
- Reconcile portal data with books, AIS/Form 26AS, GST returns, contracts, invoices, bank statements and source documents.
- Prepare a written computation, checklist, filing note or response with assumptions clearly stated.
- Download acknowledgements, challans, workings and evidence after filing or submission.
FAQs
Can WorkIndex help with this?
Yes. Post the facts and documents; relevant experts can quote for filing, advisory, reconciliation, registration, appeal support or ongoing compliance.
Is this page final legal advice?
No. Use it to prepare. A professional should verify the active law year, notification, portal utility and records before filing or taking a tax position.
What should I mention while posting?
Mention the year, state, form, deadline, amount involved, documents available, portal status and whether you need filing, correction, advisory or representation.