Tax collected at source

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gauri gupta (Querist)

28 May 2016 If a seller (individual) sells a second hand motor vehicle to another individual for personal consumption of value exceeds Rs. 10 lacs in cash after 01.06.2016. Shall provisions of TCS applicable? If yes, please elaborate the procedure that how the seller deduct and pay the same to the department. Due to this amendment, whether it will be mandatory to every individual seller to obtain TAN?

Thanks in advance

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

28 May 2016 Yes 1% TCS is applicable if value is more than 10 Lakhs. Seller will collect it paid to government.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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gauri gupta

gauri gupta (Querist)

01 June 2016 If a seller (individual) sells a second hand motor vehicle to another individual for personal consumption of value exceeds Rs. 10 lacs in cash after 01.06.2016. Shall provisions of TCS applicable? If yes, please elaborate the procedure that how the seller deduct and pay the same to the department. Due to this amendment, whether it will be mandatory to every individual seller to obtain TAN?