| Originally posted by : shahyar husain | ||
 |
Somebody please help me out. What is TCS in vehicle purchase? |
 |
TCS(Tax collected at source) is the tax collected by vendor of CAR from the buyer @ 1% , The vendor collects the TCS in addition to the purchase value from the buyer and remits the same to the IT department in the name & PAN of buyer in his TCS return for which the buyer can claim as tax paid in his ITR filing.
CAclubindia
