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Journal entry for tcs1% on car purchase by firm

Page no : 2

M Venkat (CA finalist) (446 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.

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