Dear Experts
I am working in an automobile dealership, which sellers lorries used for commercial purpose as well as captive usage and cars used for personal purpose and also for cab services
I heared that the TCS is applicable from 01st June 2016. Could you please guide about TCS, its applicability for the above catagory of vehicles (motor vehicles), calculation of tax, filing dates and process and so on.
Thanks and Regards
Venu
In case of sale of Cars above 10 Lacs then the seller need to deduct TCS at 1%.
TCS deposit is by 7 th of next month
Return filling date
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Form No. 27EQ |
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April to June |
31 July |
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July to September |
31 October |
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October to December |
31 January |
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January to March |
31 May |
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Hi
Correction, Seller will collect the TCS from purchaser.
Thanks
According to sec 206C(1D) , the seller shall collect tax at the rate of one percent (1%) from purchaser on sale in cash of any goods or providing service exceeding two lakh rupees.
CAclubindia
