New car purchases tds deducted

Kollipara Sundaraiah (B.com) (2963 Points)

18 February 2021

I.t Assess purchases of new car Rs:12 lacs . how to calculate of Tds deducted percentage and refund claim allowed in I t.act

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4 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 18 February 2021

Tds on ex showroom, while filing ITR you can claim as tcs

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CA SEEMA AGARWAL (Chartered Accountant) (414 Points)
Replied 18 February 2021

It will be reflecting in 26AS of assessee

Kapadia Pravin (17259 Points)
Replied 18 February 2021

It is called TCS and not TDS. It is collected on invoice price of Showroom. TCS is like advance payment of tax.

CA SEEMA AGARWAL (Chartered Accountant) (414 Points)
Replied 18 February 2021

TCS also reflects In 26 As

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