Sale of car vale Rs15 lacs recvd amount in cash what will be the tcs
This query is : Resolved
umashankar nanda
(Querist)
25 November 2022
sale of high end cars above Rs10 lacs attract 1% TCS, sale of any goods and recv more than Rs2lacs in cash attract tcs @1% , so what will be the tcs is it 1% or 1+1 = 2% tcs
Dhirajlal Rambhia
(Expert)
25 November 2022
Section 269ST prohibits any person to receive an amount of Rs.2 lakh and above in cash:
In aggregate from a person in a day, or
In a single transaction, or
In respect of transactions relating to one event or occasion from a person.
If a person receives the amount in cash over the above-specified limit of Rs.2 lakh, he is liable to pay a penalty equal to the amount received in cash.
FOR AMOUNT RECEIVED BY BANKING MODE FOR SALE OF CAR, TCS AT 1% WILL BE APPLICABLE.
In aggregate from a person in a day, or
In a single transaction, or
In respect of transactions relating to one event or occasion from a person.
If a person receives the amount in cash over the above-specified limit of Rs.2 lakh, he is liable to pay a penalty equal to the amount received in cash.
FOR AMOUNT RECEIVED BY BANKING MODE FOR SALE OF CAR, TCS AT 1% WILL BE APPLICABLE.
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