New car purchases tds deducted

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B.com
3025 Points Posted on 18 February 2021
I.t Assess purchases of new car Rs:12 lacs . how to calculate of Tds deducted percentage and refund claim allowed in I t.act
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On 18 February 2021 at 17:30 Report
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Quick Summary
When purchasing a new car for over Rs 12 lakhs, the showroom collects TCS (Tax Collected at Source) on the invoice price, not TDS. This TCS acts as an advance tax payment and will be visible in your Form 26AS. You can then claim this TCS amount as a refund when filing your Income Tax Return (ITR).

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Practice
3235 Points Posted on 18 February 2021
Tds on ex showroom, while filing ITR you can claim as tcs
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On 18 February 2021 at 18:00
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Chartered Accountant
414 Points Posted on 18 February 2021
It will be reflecting in 26AS of assessee
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On 18 February 2021 at 18:59
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17269 Points Posted on 18 February 2021
It is called TCS and not TDS. It is collected on invoice price of Showroom. TCS is like advance payment of tax.
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On 18 February 2021 at 19:10
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Chartered Accountant
414 Points Posted on 18 February 2021
TCS also reflects In 26 As
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On 18 February 2021 at 19:14

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