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Journal entry for tcs1% on car purchase by firm

Page no : 2
shahyar husain

shahyar husain   31 December 2020

Somebody please help me out. What is TCS in vehicle purchase?
RAJA P M

RAJA P M ("Do the Right Thing...!!!")     01 January 2021

Originally posted by : shahyar husain
Somebody please help me out.
What is TCS in vehicle purchase?

Dear,

Ask Your question clearly...

M Venkat

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.


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