M Venkat
(CA finalist)
(456 Points)
Replied 18 January 2021
| Originally posted by : shahyar husain | ||
 |
Somebody please help me out. What is TCS in vehicle purchase? |
 |
TCS(Tax collected at source) is the tax collected by vendor of CAR from the buyer @ 1% , The vendor collects the TCS in addition to the purchase value from the buyer and remits the same to the IT department in the name & PAN of buyer in his TCS return for which the buyer can claim as tax paid in his ITR filing.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
