TCS on Purchase of Vehicle

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This discussion explores whether the Tax Collected at Source (TCS) paid on the purchase of a company car can be claimed as input tax credit. The car will be recorded as a company asset, with the invoice issued in the company's name and including its GST number. TCS is an income tax collected at source that can be offset against income tax liabilities when filing the company's Income Tax Return (ITR).

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(Querist)
19 March 2024 Dear Experts
Can TCS Paid on Purchase of Car be claimed as an Input ? The Car will be shown as an Asset in the Books. The Invoice shall be in the Name of the Company and Company's GST Number shall also be mentioned in the Invoice.
Thanks in advance
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 March 2024 TCS is income tax collected at source which can be adjusted against payment of income tax while filing ITR of the company.
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CA Shriram Deshpande

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CA Shriram Deshpande (Querist)
19 March 2024 Dear Seetharaman Ji, Thanks for your Reply.
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CA Shriram Deshpande

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CA Shriram Deshpande (Querist)
19 March 2024 Dear Seetharaman Ji, Thanks for your Reply.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 March 2024 You are welcome ...
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