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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

Quote:
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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