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Tax collected at source

334 views 4 replies

P V Gopal

Job

127 Points Posted on 27 May 2016

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

Replies (4)

Shubham Gupta

Business Consultants

2077 Points Posted on 06 June 2016

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

Form No. 27EQ
April to June	31 July
July to September	31 October
October to December	31 January
January to March	31 May

Taxhelp.com

Professional

94 Points Posted on 08 June 2016

Correction, Seller will collect the TCS from purchaser.

Thanks

Dinesh Mertiya

PROFESSIONAL

761 Points Posted on 09 July 2016

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.

Dinesh Mertiya

PROFESSIONAL

761 Points Posted on 09 July 2016

According to sec 206 C(1F) , the seller who receives consideration for sale of vehicle exceeding ten lakh rupees, shall collect one percent of sales consideration as tax from buyer