Purchase of used car of rs 2200000

sajeer k (accounts officer) (177 Points)

03 August 2023

is tds applicable when buying a used car from an individual value of 2200000 ?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 03 August 2023

Yes, TCS applicable.

sajeer k (accounts officer) (177 Points)
Replied 03 August 2023

What is the percentage

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 03 August 2023

Yes TCS u/s 206C(1F) for motor cars is applicable @ 1% if value of car exceeds 10 lakhs rupees.

sajeer k (accounts officer) (177 Points)
Replied 03 August 2023

It is purchased from an individual to a partnership firm. I think TDS is applicable for the firm, it is correct?

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 03 August 2023

If individual is not a retailer then 194Q will attract

Zyrana (I'm a financial expert) (31 Points)
Replied 03 August 2023

Isn't that a little pricey?

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 04 August 2023

What???

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