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Old 3rd August 2017, 19:05   #91
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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 SMSP View Post
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
Include this amount of form 26 AS in your ITR as tax paid. There is also a section in ITR where you need to quote the PAN / TAN of the tax deductor. If the total tax paid due to this TCS exceeds your tax liability, it will be refunded.
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Old 28th October 2017, 15:15   #92
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Is there any special format for this TCS certificate (like an Income Tax Form#, etc), that shows that tax has been remitted to the IT Dept?

When i took delivery this week, what I got was a 1-page computer printout on A4-sized Hyundai stationary that is titled "Debit Note". Its got computer printed comments saying "On Account of: BEING TCS ACCOUNTED", and also states the dealer's PAN, GSTIN, etc. Is that to be deemed a "TCS Certificate"? Does it imply that the amount will show up in my 26AS eventually?
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