M Venkat (CA finalist) 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.