U/s 206(1F) of the Income Tax Act, 1961, TCS @ 1% has to deducted from sale consideration if the sale consideration from sale of a motor vehicle exceeds Rs.10 lakhs. In this case, to determine the applicabillity, what is the value that we should consider as sale consideration? 'Basic price' or 'invoice valuei.e., inclusive of GST component'?
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Tcs on gst component
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Invoice value excluding GST...
Thank u sir
Most Welcome...
TCS on value Inclusive of GST Components and TDS on value exclusding GST components.
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