TCS APPLICABILITY ON MOTOR VHICLE

[Asked by Guest]

Dear sir,

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

THANKS

AI Summary

TCS on motor vehicles applies where vehicle value exceeds the prescribed threshold, requiring collection on payment receipts.
TCS applies to sales of motor vehicles where the consideration exceeds Rs. 10.00 lakh; such sales attract TCS at 1% on receipts received by cheque or any other mode, with the provision operative from June 1, 2016. The forum exchange notes a query about applicability by engine cubic capacity but the operative guidance relies on the value-based threshold for collection.