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Tds related query
HELLO SIR,
IS THERE ANY LIABILITY ARISE OF COLLECTING TCS. IF DEALER SALE VEHICLE TO ANOTHER DEALER.
Replies (1)
Yes, if value is above 10 lakhs, from June 2016 onward, an additional 1% tax will be collected at the source (i.e. dealership) on all cars costing over Rs. 10 lakh. This is TCS (tax collected at source). No exemption clarified for dealer.
With regard to the levy of TCS on vehicles purchased in cash, CBDT clarified that 1 per cent TCS will be applicable for any cash transaction above Rs 2 lakh.
Read more at:
https://economictimes.indiatimes.com/articleshow/52657318.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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