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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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Old 28th November 2017, 22:54   #93
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I have a question regarding the calculation of Road Tax when the Ex showroom cost is above 10 lakh.

Is the road tax calculated on the ( Ex showroom price + TCS ) , or on the Ex showroom price only?

I have a proforma invoice where the dealer has calculated the Road tax on the Ex showroom price + TCS.

I understand we can claim the TCS amount when filing our returns, but why would we pay additional Road tax on this amount?
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Old 29th November 2017, 08:40   #94
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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 tarunactivity View Post
I have a question regarding the calculation of Road Tax when the Ex showroom cost is above 10 lakh.

Is the road tax calculated on the ( Ex showroom price + TCS ) , or on the Ex showroom price only?

I have a proforma invoice where the dealer has calculated the Road tax on the Ex showroom price + TCS.

I understand we can claim the TCS amount when filing our returns, but why would we pay additional Road tax on this amount?
It should be calculated only on Ex Showroom. That is how I paid when I got my car in March.
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Old 29th November 2017, 08:56   #95
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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 tarunactivity View Post
I have a question regarding the calculation of Road Tax when the Ex showroom cost is above 10 lakh.

Is the road tax calculated on the ( Ex showroom price + TCS ) , or on the Ex showroom price only?

I have a proforma invoice where the dealer has calculated the Road tax on the Ex showroom price + TCS.

I understand we can claim the TCS amount when filing our returns, but why would we pay additional Road tax on this amount?
That is wrong, Road tax is only on the ex showroom price.
Dealer is trying to con you. Confront the dealer on this. Better yet, look for other dealers in the city.
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Old 29th November 2017, 10:28   #96
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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 speedmiester View Post
That is wrong, Road tax is only on the ex showroom price.
Dealer is trying to con you. Confront the dealer on this. Better yet, look for other dealers in the city.
The dealer, who is "Devoted to Riding" had graciously agreed to waive the (illegal) logistics and handling charges , for moving the vehicle from their plant to the showroom.

However, they sounded fairly certain (or clueless) that we must pay road tax on (Ex showroom + TCS) amount, and would gladly give an invoice for the same.

Highly suspicious, if you ask me.
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Old 29th November 2017, 10:39   #97
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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 black_rider View Post
I have recently bought a car > 10 lacs ex-showroom.
TCS refund finally reached a closure for me. Got the amount back in AY 17-18's IT refund

Quote:
Originally Posted by vharihar View Post
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?
Dealer should be able to give you a form like in this post:
http://www.team-bhp.com/forum/indian...ml#post4053713 (1% TCS on vehicles above Rs. 10 lakh from June 1, 2016)
after he has submitted the TCS for you and you should be able to see it in your 26AS as well. But this generally takes time.

Last edited by black_rider : 29th November 2017 at 10:46. Reason: More info
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Old 5th March 2018, 20:18   #98
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Hi,
query : how does it work with TCS and other IT acts, suppose I buy a >10 Lac car from a private owner ?

thanks,
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Old 6th March 2018, 13:13   #99
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Quote:
Originally Posted by pcpranav View Post
Hi,
query : how does it work with TCS and other IT acts, suppose I buy a >10 Lac car from a private owner ?

thanks,

As per my knowledge, if anyone is buying a used car for more than 10 lacs then both the parties will never do the transaction in white. In this case there will be no TCS, but if a person is selling his assets in excess of its current market value then the price difference is his income on which income tax is applied. These days every transaction with high value is being put under scanner so if someone is buying or someone is selling, and they are transferring the amount in bank then they will be getting notices by IT department.

Thanks.

Last edited by manson : 29th March 2018 at 15:16. Reason: Typo.
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Old 6th March 2018, 13:21   #100
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

Quote:
how does it work with TCS and other IT acts, suppose I buy a >10 Lac car from a private owner ?
Seller will have to get a TAN and deposit 1 % TCS, the same way a new car dealership will do.

Quote:
In this case there will be no TCS
No, TCS is applicable.
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Old 6th March 2018, 20:28   #101
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

ok. I just returned after visiting a car dealer : an individual has given his car (value >10L) to this dealer for selling, which I got interested. Dealer agreed that bank loan can be availed by me for purchasing this car, but denied any extra money for TCS !

He explained that based on my loan approval, bank would provide say 70-90% loan and deposit that money to dealer directly, and balance cost of car (as agreed by me with dealer) I will have to give to dealer. Hence no TCS for anyone, but I dont believe.

Another angle to this, if successful, I may "sell" my current old car for X value (hoping around 3.5L) to this dealer, and this X amount can be adjusted (/deducted) from getting that big car, so that I think of getting that much lesser loan from bank.

Its all complicated for me! I want all white transaction and dont want any issues lateron, please guide, thanks a lot.
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Old 29th March 2018, 15:10   #102
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I purchased Next Gen Verna in Nov 2017, I am not seeing the 1% TCS in my 26AS. I gave them a pass when they told it might take few months, I was hoping they would not have any option other than filing it before March 31st, 2018. Looks like they may not be doing it. Or maybe I am wrong altogether, could someone help me with what I should be doing now?

My purchase is from Blue Hyundai dealer in Bangalore.
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Old 29th March 2018, 23:40   #103
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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 aneeshtn View Post
I purchased Next Gen Verna in Nov 2017, I am not seeing the 1% TCS in my 26AS. I gave them a pass when they told it might take few months, I was hoping they would not have any option other than filing it before March 31st, 2018. Looks like they may not be doing it. Or maybe I am wrong altogether, could someone help me with what I should be doing now?

My purchase is from Blue Hyundai dealer in Bangalore.
You need to escalate and get his done ASAP. Usually , the money collected as TCS get deposited on a monthly and the organisation ( in this case , dealer) will have to file a return quarterly . After the filing, it should take around 10-15 days for the TCS to reflect in your 26AS form. In your case, if the dealer has been prompt, he would have included your information while filing for return in Jan and you should seen them in your Form 26AS.


Given the scenario,
Case 1 : Dealer haven't filed your TCS details in Jan and maybe planning to file in March/April. In this case , ask him to show the proof that the TCS collected has been remitted to IT (Usually they remit online via a bank and should have the transaction details for the same).

Case 2 : Dealer has collected the money from you and forgot to remit for TCS. If he is not able to show the transaction receipt, this is most probably the case . In such scenario, ask them to remit immediately and file a revised IT return for previous quarter ( Oct- Dec) .

I was in a similar situation when i bought my S Cross in Dec 2016 . The dealer forgot to remit and i came to know after 2 months after escalations at multiple levels. Finally, the dealer accepted his mistake , paid the TCS amount, filed a revised return and gave me the traces documents in about 3 weeks time.

A revised return is important because, TCS not paid in time is liable to attach some penalty and you don't want to get penalized, due to the dealer's fault.
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Old 30th March 2018, 16:07   #104
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Default Re: 1% TCS on vehicles above Rs. 10 lakh from June 1, 2016

I bought the GTI in Jan this year, I checked my 26AS today, I see the TCS entry under section 206CL "Collection at source on sale of Motor vehicle". So this is good.

Now I have a question about AIR: Is this transaction required to be entered in AIR section when I file my return?

Thanks,
Anand
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Old 6th April 2018, 16:48   #105
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Finally, this is resolved. They collected the money and delayed paying till March. If I am not wrong, they will have to pay interest if they delay payments like this. Anyways, now it's reflected in 26AS and they sent me the tcs certificate.
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