TCS APPLICABILITY ON MOTOR VHICLE

[Guest]

Dear sir,

TCS APPLICABLE ON MOTOR VEHICLE ON VALUE MORE THAN 10.00 LAKH OR CUBIC CAPICITY MORETHAN 300CC

THANKS

[YAGAY andSUN]

Where amount is received by cheque or any other mode on sale of :- Motor vehicle of the value exceeding ₹ 10.00 Lakh (applicable from June 1,2016) 1%

[DR.MARIAPPAN GOVINDARAJAN]

Thanks for the information.

AI Summary

Applicability of 1% TCS on Motor Vehicles Over 10 Lakh or 300cc Clarified Since June 2016 A query was raised regarding the applicability of Tax Collected at Source (TCS) on motor vehicles. TCS is applicable when the value of the motor vehicle exceeds 10 lakh or has a cubic capacity over 300cc. This rule has been in effect since June 1, 2016, with a 1% TCS rate. The response clarified that TCS applies when the payment is made by cheque or any other mode. The discussion concluded with an acknowledgment of the provided information.