TCS on Motor Vehicles
Section 206C (1F) of the Income Tax Act, 1961: TCS on Motor Vehicles
- This Section lays down that every seller will collect TCS @ 1% from the buyer on sale of Motor Vehicles if Value exceeds Rs. 10 lacs
- Conditions :
- Sale of Motor Vehicle
- Value of MV > 10 lacs
- TCS @ 1 % on Full Sale Value
- Exceptions : TDS will not apply for Following buyers :
- Government bodies,
- local Authorities and
- a Public Sector Company engaged in passenger transport business.