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'?
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195787 Points)
Replied 22 February 2018
Invoice value excluding GST...
CS Disha Unadkat
(GST EXECUTIVE)
(2 Points)
Replied 03 July 2018
TCS on value Inclusive of GST Components and TDS on value exclusding GST components.
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