Whether tds on motor car is on basic cost or on road cost..?
This query is : Resolved
26 May 2016
From 01.06.2016 onwards there is TDS on sale of motor car above Rs. 10.00 lacks but my query is, if Car Basic Cost is 922306/- and VAT is 115289/- and Insurance and RTO Taxes 169035/- that means on road cost is Rs. 1206630/- in this case Whether TDS to be deducted and if yes then on what amount TDS shall be deducted...?
26 May 2016
1% TCS on cars above Rs 10 lakh.
The tax would be collected on exshow room price. The dealer will have to collect and pay it to the government. TCS can be set off against tax liability.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
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The tax would be collected on exshow room price. The dealer will have to collect and pay it to the government. TCS can be set off against tax liability.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
08 October 2021
Basic cost + VAT; provided insurance and RTO charges separately collected.
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