akshay jaiswal (associate) (127 Points)
21 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178179 Points)
Replied 21 July 2018
What an interpretation of act........
Buyer collects TCS u/s. 206C......... over purchase of car !!!
It would be pertinent here to quote the relevant provisions for better understanding
a) Section 206C(1F) provides that
Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.
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