Dear Sirs,
An Automobile Dealer Purchase a Vehiclle From company for purpose of resale and its value more than 10 lac can COMPANY CHARGE TCS ON PURCHASE BY DEALER .
EXAMPLE :
A: DEALER
B: COMPANY
INVOICE GENRATE BY A ARE IS UNDER
BASIC VALUE : 929698
EXCISE 117374
VAT 169103
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TOTAL 1204133
TCS 12042
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INV.VAL 1216175
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This method is Correct ?
can Dealer save 1% tcs against present 27C FORM ?
TCS Not Applicable on Vehicle Sales from Manufacturer to Dealer; Applies to Individual Sales Under Section 43AB An automobile dealer inquired whether a company can charge Tax Collected at Source (TCS) on a vehicle purchase exceeding 10 lakh INR intended for resale. The invoice breakdown showed a total value of 12,041,33 INR with TCS of 12,042 INR. The response clarified that TCS is not applicable when a manufacturer sells a car to a dealer or distributor. TCS applies when a car is sold to an individual by a person required to maintain books under Section 43AB. Therefore, the dealer cannot save 1% TCS using the 27C form in this context. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
