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Old 27th December 2016, 10:50   #76
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by promit View Post
Dealer would deposit TCS on a monthly basis,by the 7th of the month against the head of TCS. The dealer is required to filed his TCS return quarterly. If your purchase was in November, the dealer would need to file his TCS return (Form 27EQ) for the third quarter by 15 January 2017. Legally under Section 206C, they have to provide you with the TCS Certificate (Form 27D) within 15 days of them filing their return. Additionally, you can expect to see this tax credit amount online on your Form 26AS by February 2017.
Thanks. My 26AS was updated with TCS, when I checked sometime in November. Although I atill do not have the TCS certificate. Do you think I need it, even if I will be filing tax return online?

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Originally Posted by RAHS View Post
I got Duster last month ( Nov 19 ) & paid 1% TCS. When I spoke to dealer about TCS certificate, he said, it will reach your residential address within 90 days. Is that the case? Could someone please confirm?
Please see promit's quoted post from above for info. My dealer too says it will reach me by post, but I guess I do not need it. Just a confirmation of deposit in individual's Form 26AS should be enough.

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Originally Posted by khoj View Post
Reading the posts above however I have a strong feeling that individual customers will never see the corresponding TDS certificates and the dealers would simply refrain from depositing the respective amounts.
I think everyone who posted here has got their TCS deposited with IT department. Just that it took longer than expected. People should definitely track it and raise issue in case its not done in 3 months.
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Old 7th January 2017, 19:29   #77
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Hello everyone, i am a little confused with how the TCS gets calculated. Is it calculated on the ex-showroom value before taxes or post taxes i.e. how the RTO at KA fleece car buyers.
The prices on the Linea were just slashed.and now the top end TJet has been marked at 9.95 lakhs, but when i check the Carwale on road quotation i see that the TCS component is still there.

So does that mean that the TCS is getting calculated post taxes on ex-showroon price which would push the value of the vehicle past the 10 lkhs point?

Any insights on this will be greatly appreciated.
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Old 7th January 2017, 20:44   #78
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by adneo View Post
i am a little confused with how the TCS gets calculated.
It is calculated on Ex-Showroom.

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Originally Posted by adneo View Post
The prices on the Linea were just slashed.and now the top end TJet has been marked at 9.95 lakhs, but when i check the Carwale on road quotation i see that the TCS component is still there.
It takes time for automotive website to get updated to reflect new prices. Same is the case with Carwale.

Technically TCS will not be charged on Linea TJet Top end model since its Ex-Showroom is less than 10 lacs. Fiat Showroom will give you clearer picture.
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Old 8th January 2017, 00:23   #79
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by el lobo 6061 View Post
It is calculated on Ex-Showroom.
It takes time for automotive website to get updated to reflect new prices. Same is the case with Carwale.

Technically TCS will not be charged on Linea TJet Top end model since its Ex-Showroom is less than 10 lacs. Fiat Showroom will give you clearer picture.
Thanks for clarifying this for me. What confused me more was that Carwale had updated the ex-showroom price but yet the TCS component was present.
But i guess its best to wait for the pricing from the Fiat dealers.
However while i waited for someone to respond to my query posted here, i looked around a bit and found a FAQ document on the Indian Income Tax website where they have mentioned the scenarios wherein TCS will be charged but have not sufficiently clarified as to what should form the sale price of the car against which this is to be calculated.
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Old 20th January 2017, 10:57   #80
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Question Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I have bought a Mercedes vehicle on 16th Jan 2017 and was asked to pay 1% TCS. I was told the same would reflect on my Form 26AS and I will be issued TCS certificate. The invoice also shows the TCS @ 1%

I do file my ITR and pay taxes regularly without any defaults. I have following two questions:

1. If the TCS collected by dealer can be adjusted towards my total income tax liability for the AY 2017-18?

2. As its been only few days since purchase, when should I start following-up for the TCS certificate from the dealer?

Any information would be appreciated.

Kind regards

Last edited by cowboy45 : 20th January 2017 at 11:22.
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Old 27th April 2017, 20:00   #81
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

When should I expect the TCS collected by dealer to show up in my form 26AS?

The car was delivered in Jan 2017 and as yet I don't see any updates for TCS in form 26AS.

If the dealer doesn't deposit the TCS and consequently if it is not reflected in Form 26AS can I claim it while filing ITR?
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Old 15th May 2017, 12:40   #82
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I have purchased by 1.6 S Cross from NEXA OMR (Chennai) and have been following up with the RM and accounts manager for 1% TCS certificate. The response was very disappointing and I observed some proper response after raising a complaint though NEXA Contact Us number on the website. The vehicle was bought by end of Dec 2016 and so was expecting the TCS to be reflected after they file their quarterly return in March.
Are there any members who have bought from this showroom (NEXA OMR Chennai and have been able to get the certificate from them.
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Old 15th May 2017, 13:48   #83
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Quote:
Originally Posted by Doo_Dev View Post
I have purchased by 1.6 S Cross from NEXA OMR (Chennai) and have been following up with the RM and accounts manager for 1% TCS certificate. The response was very disappointing and I observed some proper response after raising a complaint though NEXA Contact Us number on the website. The vehicle was bought by end of Dec 2016 and so was expecting the TCS to be reflected after they file their quarterly return in March.
Are there any members who have bought from this showroom (NEXA OMR Chennai and have been able to get the certificate from them.
I got my car from popular NEXA in aug and have got my TCS certificate which I intend to submit when I file my returns this year. It should ideally be seamless but is seldom so in practice I guess. Please follow up with them as that is probably the only way to get this done
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Old 15th May 2017, 14:24   #84
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I would suggest that you make a lot of noise in the dealership about your TCS certificate, else they are not bothered!

OT : I am not trying to be political or cynical, but how much does the each successive Government want to milk us the middle class and honest tax payers! We already have TDS on our salary which the employer duly deducts beginning of the each month. Over on that we have ST, ED, VAT and what not. Looks like we are the only ones who can be milked for some benefit! I am not against paying taxes, I want to, but what do I get in return from the state (lets not be too bothered about morality, duty etc. etc. here!).
Even the Auto wala seems to think that I am his , Baap ka maal (Pun intended) and wants to extort from me!
*End of Rant*

Last edited by MCR : 15th May 2017 at 14:31. Reason: TYpo
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Old 18th May 2017, 12:35   #85
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by MCR View Post
I would suggest that you make a lot of noise in the dealership about your TCS certificate, else they are not bothered!
Since the response from NEXA OMR was poor, I registered a complaint via NEXA customer care toll-free number. There were visible movements from showroom ( calls from CRM manager, accounts manager within 2 hrs).

Within a day, they gave me a receipt. But it was a setback on seeing the receipt. As per the receipt, they have deposited the TCS collected from me to the government. They have done this now and not after I made a payment ( a delay of 5 months and that too after me registering complaints). For 5 months the money has been sitting in their bank account and they would have happily retained the money if the customer didn't ask further. This amounts to pure cheating.

I have sent a strongly worded email to the NEXA OMR guys (CRM and Showroom manager) and asked to explain why they have just paid the TCS and the reason for the delay.

Since my priority is to get the TCS certificate (which would involve NEXA OMR filing return, TCS credit to my PAN number etc.,), I am planning to request a subtle explanation for the delay. Based on my knowledge, it can up to one month or more. However, they have promised a 10-12 days turnaround time for the TCS to be credited to my pan number. So planning to have smooth communication for a week or so.

Later on, if things go smoothly, planning to take it up with Maruti for the delay and possible cheating from showroom guys.

On the other hand, the government has asked to the showrooms to collect 1% TCS but there is no check from government /RTO while registering whether the TCS collection is paid or retained my the showroom. Does it mean that, if we push the dealer, we can juggle our way without paying TCS?

Last edited by Doo_Dev : 18th May 2017 at 12:54.
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Old 18th May 2017, 13:03   #86
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by Doo_Dev View Post
They have done this now and not after I made a payment ( a delay of 5 months and that after me registering complaints). For 5 months the money has been sitting in their bank account and they would have happily retained the money if the customer didn't ask further. This amounts to pure cheating.
Isn't this a clear case of plain embezzlement?

As planned, please complete all the formalities from NEXA, get hold of your TCS certificate and then kindly report the delay to the Income Tax department. This will:

1. Absolve you of any wrongdoing.

2. Help the law catch up with the frauds. There could be many such cases pertaining to that particular dealer.
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Old 18th May 2017, 13:14   #87
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

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Originally Posted by Doo_Dev View Post

Within a day, they gave me a receipt. But it was a setback on seeing the receipt. As per the receipt, they have deposited the TCS collected from me to the government. They have done this now and not after I made a payment ( a delay of 5 months and that too after me registering complaints). For 5 months the money has been sitting in their bank account and they would have happily retained the money if the customer didn't ask further. This amounts to pure cheating.

Quote:
Originally Posted by dailydriver View Post
Isn't this a clear case of plain embezzlement?

As planned, please complete all the formalities from NEXA, get hold of your TCS certificate and then kindly report the delay to the Income Tax department. This will:

1. Absolve you of any wrongdoing.

2. Help the law catch up with the frauds. There could be many such cases pertaining to that particular dealer.
Eureka!
It's exactly like I assumed it to be. Now be prepared to receive a IT notice on your PAN number, reason being delayed payment of TCS. They will ask you to pay the fine amount immediately. Do the same and seek a refund from the dealer.

There is no check since the IT department knows that you have bought the car. You have furnished your PAN card details. It was only a matter of time before you would receive the IT notice regarding the non payment of TCS. A serious lapse on the part of dealer!

Last edited by MCR : 18th May 2017 at 13:18. Reason: Typo
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Old 18th May 2017, 13:31   #88
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Quote:
Originally Posted by dailydriver View Post
Isn't this a clear case of plain embezzlement?

As planned, please complete all the formalities from NEXA, get hold of your TCS certificate and then kindly report the delay to the Income Tax department. This will:

1. Absolve you of any wrongdoing.

2. Help the law catch up with the frauds. There could be many such cases pertaining to that particular dealer.
Good Point. Thanks for reminding.
I need to keep the dealer know that they have to pay the fine due to the delay of TCS payment.
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Old 18th May 2017, 17:08   #89
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Quote:
Originally Posted by dailydriver View Post
Isn't this a clear case of plain embezzlement?

As planned, please complete all the formalities from NEXA, get hold of your TCS certificate and then kindly report the delay to the Income Tax department. This will:

1. Absolve you of any wrongdoing.

2. Help the law catch up with the frauds. There could be many such cases pertaining to that particular dealer.
Quote:
Originally Posted by MCR View Post
Eureka!
It's exactly like I assumed it to be. Now be prepared to receive a IT notice on your PAN number, reason being delayed payment of TCS. They will ask you to pay the fine amount immediately. Do the same and seek a refund from the dealer.

There is no check since the IT department knows that you have bought the car. You have furnished your PAN card details. It was only a matter of time before you would receive the IT notice regarding the non payment of TCS. A serious lapse on the part of dealer!

Things seem to be at a much faster pace now and getting right response from the parent office for the showroom which is based out at Thanjavur. The account manager from Thanjavur called stating that since few SCross 1.6 are sold, the account manager in Chennai showroom missed the payment for TCS and also is not very knowledgeable of the process . He apologised and acknowledges the goof up.

He has already instructed his team to refile the last quarter returns (Jan - March 2017) by including my TCS and ensures that I will get the TCS certificate in another 15-20 days. He is doing refilling instead of filing in next quarter to avoid the penalty to the customer. In this case, the penalty would be on the dealer and the customer would not get an intimation from IT for non-payment of TCS.
He assured that even if I get an intimation and subsequent penalty, the showroom would bear the same.

Mods: Please merge if the posts are considered as back to back .

Last edited by Doo_Dev : 18th May 2017 at 17:24.
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Old 8th June 2017, 14:41   #90
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Dear Team BHP,
I purchased the New Honda City ZX in March2017 and had paid the TCS on the ex-showroom price. The TCS is reflecting now in my Form26AS. Please advise what action is needed while filing my IT returns for the Assessment year 2017-18, with reference to this TCS?

Regards,
SMSP
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