Tcs on sale of old vehicle above rs.200000/-?

Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS)

COMPANY MAIN BUSINESS IS NOT TO SELL OLD VEHICLE. IN SUCH CASE ALSO COMPANY REQUIRED TO COLLECT TCS?

Yes, in such case company shall required to collect TCS.

Hello. If you further query regarding this question, please call me.
My contact number is 9899812287

Hello. If you further query regarding this question, please call me.
My contact number is 9899812287

For used car also Rs - 10 lakh condition apply.. 

CBDT vide Circular No. 22/2016 [F.No 370142/17/2016-TPL] dated June 08, 2016 clarified on issued arise from levy of TCS @ 1% on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs.

As per section 206C(1 D) , tax is to be collected at source at the rate of 1% if sale consideration received in cash exceeds 2 lakh rupees whereas as per section 206C(1F) tax is to be collected at source at the rate of 1% of the sale consideration of a motor vehicle exceeding 10 lakh rupees . Whether TCS will be made under both sub-section(ID) and (IF) of the section 206C  @ 2% where part of the payment for purchase of motor vehicle exceeds 2 lakh rupees in cash?

Answer: Sub-section (IF) of the section 206C of the Act provides for TCS at the rate of I% on sale of motor vehicle of value exceeding 10 lakh rupees. This is irrespective of the mode of payment. Thus if the value of motor vehicle is 20 lakh rupees, out of which 5 lakh rupees has been paid in cash and balance amount by way of cheque , the tax shall be collected at source at the rate of 1% on total sale consideration of 20 lakh rupees only under sub-section (IF) of section 206C of the Act. However, if a vehicle is sold for 8 lakh rupees and the consideration is paid in cash, tax shall be collected at source at the rate of 1% on  8 lakh rupees as per sub-section(I D) of section 206C of the Act.

Recently we sold a vehicle which is show in bussiness of Rs.6,00,000.00 in cash and its written down value is Rs.6,14,150/- and basicly nature of work trading of chemicals and its propreitor ship firm. so please how to treat this.