Applicability of tcs on cash sales

A Raghavendra (Senior Executive - Finance & Corporate Affairs)   (67 Points)

09 June 2016  

Dear Members,

I need some clarrifications about the applicability of TCS on Cash Sales with an instances of CAR Sales and I will be greatfull to all those who will clarrify and guide me in this regard.

Further to above I have the following one Question in connection to the above:

I will sale a Car for Rs.8.00,000/-. for which party gives me A cheque for Rs.6,50,000/- and balance of Rs.1,50,000/- that completes the transaction of Rs.8,00,000/- as a sale consideration. In this case what is my liability towards TCS? Do I need to collect TCS on Rs.1,50,000/- received in cash?

And also please update and expedite me about the correct practice in this regard (i.e, Collection of TCS on Cash Sales).

Once again Iam thanking you one and all and great full to such members in advance, who will facilitate me in this regard.

RAGHAV