Tcs on motor vehicle cash sale less then 10 lakh
This query is : Resolved
04 June 2016
Please confirm
If we sale motor vehicle of Rs. 5 lakh in cash then should we have to collect 1% tcs on said sale ?
If we sale motor vehicle of Rs. 5 lakh in cash then should we have to collect 1% tcs on said sale ?
05 June 2016
Dear Sanjeev,
in case of sale of car exceeding Rs. 10 Lakh either in cash or cheque 1% TCS will be collected.
That means if you sale car exceeding Rs 10 lakh then you have to collected TCS whether payment in CASH OR CHEQUE.
While if you sale any goods or services more than Rs 2 lac on cash basis then you have to collected TCS on that also.
Check this link for more details
https://www.caclubindia.com/experts/tcs-on-cash-sales-2325154.asp
in case of sale of car exceeding Rs. 10 Lakh either in cash or cheque 1% TCS will be collected.
That means if you sale car exceeding Rs 10 lakh then you have to collected TCS whether payment in CASH OR CHEQUE.
While if you sale any goods or services more than Rs 2 lac on cash basis then you have to collected TCS on that also.
Check this link for more details
https://www.caclubindia.com/experts/tcs-on-cash-sales-2325154.asp
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