Is second hand car dealer is required to collect TCS on sale of car for value above 10 lacs?
case:
Car dealer purchase car from A for value 30lacs and then sold to B for 40 lacs.
But in this transaction, transfer of title as per motor vehicle act took between A and B.... car dealer has not transfered the car to his name.
so in this case,car dealer is required to collect tcs or not?
To be eligible to collect tcs the companies turnover during the last financial year should exceed Rs.10 crore.
Now, tcs is to be collected from those buyers to whom value of sale of goods exceeds Rs.50 lacs.
CAclubindia
