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SELL OF CAR
my client sell his car of rs. 1248990 and buyer deducted TCS @ 1% of rs. 12490, my client not maintain book of accounts then how to show this income on itr
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What an interpretation of act........
Buyer collects TCS u/s. 206C......... over purchase of car !!!
It would be pertinent here to quote the relevant provisions for better understanding
a) Section 206C(1F) provides that
Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.
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