In this guide we are learning about How to Claim TCS Refund on Car Purchase in India. If you have recently purchased a car, you may be eligible for a TCS refund. TCS stands for Tax Collected at Source, and it is a tax that is collected by the seller of a car on behalf of the buyer. The amount of TCS that is collected is 1% of the purchase price of the car.
In this blog post, we will discuss how to claim a TCS refund on your car purchase. We will provide you with the steps that you need to follow, as well as some tips to help you get the refund.
What is TCS on Car Purchase ?
TCS stands for Tax Collected at Source. It is a tax that is collected by the seller of a car on behalf of the buyer. The amount of TCS that is collected is 1% of the purchase price of the car. TCS is applicable on the sale of any motor vehicle of the value exceeding 10 lakh rupees. The seller is required to collect TCS from the buyer and deposit it with the government within 30 days of the sale.
The buyer can claim a refund of TCS from the government if they are not liable to pay income tax. To claim a refund of TCS, the buyer needs to file their income tax return and submit Form 27D, which is a certificate issued by the seller of the car. The Income Tax Department will refund the TCS amount to the buyer within 12 months of filing the income tax return.
Can i Claim TCS on Car Purchase
Yes, you can claim TCS on car purchase if TCS has been Deducted and Deposit by the Car Dealer against your PAN Card to Govt. For the TCS Refund you need to file income tax return and have to show your all kind of the Income. if your Tax liability is less than TCS Amount then its will be refunded from Govt into your bank account or else its will be set off First against your tax liability.
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Video Guide on How to Claim TCS on Car Purchase
With the help of our video you can easily understand the process of claiming TCS(Tax Collected at Source) on car purchase, so follow the above instructions which are mentioned in our youtube video. For the Professional Service you can Contact to myonlineca.
How MyOnlineCA Helps in TCS Refund on Car Purchase
Did you know that you can claim a refund on the TCS you paid when you purchased your car? MyOnlineCA can help you with the process. We are experts in TCS refund law and we will work with you to make sure you get the best possible outcome.
We will help you gather all the necessary paperwork and file your taxes correctly. We will also work with you to understand your options and choose the one that is right for you. Contact us today to learn more about how we can help you claim your TCS refund on car purchase. We look forward to hearing from you.