2024 Is tcs applicable on sale of second hand car

Is tcs applicable on sale of second hand car

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Witryna23 paź 2024 · As per section 206C (1F) of Income-tax Act, 1961 Seller is required to deduct TCS @1% on sale of motor vehicle above 10lakhs. Also from 01/10/2024 … Witryna16 lut 2024 · The TCS Rates are applicable as per section 206C of the Income Tax Act,1956. However, the finance ministry of India can make changes to such rates in the Budget of a particular financial year if required. ... Is TCS applicable on sale of second hand car? If the sales value for any motor vehicle exceeds INR 10 Lakh, TCS is …

Practical FAQs on TCS on Sale of Goods wef 01.10.2024

Witryna30 mar 2024 · It is Higher ofDouble of TCS Rate5%ExampleIf TCS Rate is 1%, then in case of no Pan number, TCS Rate is 2% or 5% whichever is higher i.e. 5%If TCS Rate is 2%, then in case of no Pan number, TCS Rate is 4% or 5% whichever is higher i.e 5%If TCS Rate is 5%, then in case of no Pan number, TCS Rate is 1 WitrynaWhoever drives a motor vehicle in a manner which is dangerous to the public or distress to the occupant of the vehicle or other road user which is dangerous and shall be punishable for the first offence with imprisonment for a term of 1 year or fine may be extend to Rs.5000/- or both and for second or Subsequent offence with imprisonment … circle on logic gates

[Section 206C(1F)] : TCS on Sale of any Motor Vehicle of the value ...

Witryna29 gru 2024 · 4 Replies. “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, … Witryna1 paź 2024 · Invoices raised from 01-10-2024. ₹ 30 Lacs. As TCS shall be applicable beyond receipts of ₹ 50 Lacs. Therefore, on the initial receipt of ₹ 25 Lacs after 01-10-2024, TCS shall not be applicable. Consequently, TCS shall be applicable as and when ₹ 15 Lacs [₹ 35 Lacs + ₹ 30 Lacs – ₹ 50 Lacs] shall be received. Witryna8 cze 2016 · Answer: No. As per sub section (1 F) of Section 206C of the Act the seller shall collect the tax at the rate of one per cent from the purchaser on sale of any … diamondback release 3 mountain bike

TCS on Sale of goods : Section 206C(1H) of IT Act , 1961

2. TCS on Sale of Any Motor Vehicle - FGG SOLUTION

Witryna3 gru 2024 · Conditions to be satisfied for levy of GST on sale of second hand Car. 1. Supplier should be a person dealing in buying and selling of second hand cars. 2. The supply of second hand cars should be a taxable supply. 3. Cars must be subsequently sold on an “as is” basis or with minor processing which does not change the nature of … http://odishatransport.gov.in/faq/index diamondback replacement stickerWitryna11 kwi 2024 · INR 13,00,000. 15 October 2024. INR 71,00,000. Applicable - Tax will have to be collected as TCS on INR 13,00,000 (Amount received on or after 1 October 2024 - Sale consideration received from buyer is more than INR 50,00,000 lakhs in the FY). Note: The threshold of INR 50 lakhs is based on the yearly receipt of consideration. circle on the square glasgow ky

"Witryna10 gru 2024 · Diesel Vehicles. > 1500 CC. SUVs and Utility Vehicles. 87. Vehicles other than those mentioned above. 12%. Note: Sale of second hand cars is exempt from GST Compensation Cess vide Notification No. 1/2024 under the GST Compensation Cess Act. " - Is tcs applicable on sale of second hand car

Is tcs applicable on sale of second hand car

TCS on the sell of Motor Vehicle - CA Mukul Garg

Witryna19 maj 2024 · The sale which is second hand also subject to TCS, if this sale value exceeds Rs. 10 lakh. Frequently Asked Question . Que: If the amount of consideration received through a bank or other than cash mode, whether TCS provision is applicable? Ans: Yes, the provision is applicable as per section 206C of income tax act cover …

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Witryna1 cze 2016 · TCS on sale of motor Vehicle above Rs 10 Lakh. Tax to be collected by seller. Tax to be collected by seller at the time of receipt of such amount. Tax to be … Witryna23 paź 2024 · As per section 206C (1F) of Income-tax Act, 1961 Seller is required to deduct TCS @1% on sale of motor vehicle above 10lakhs. Also from 01/10/2024 seller is required to collect TCS@ 0.01% (0.075% due to Covid-19) on receipt of sum above Rs.50lakhs against sale of goods. If buyer is dealer (B2B) – Then TCS is required to …

Witryna9 cze 2016 · Updated On Jun 9, 2016 at 08:30 AM IST. NEW DELHI: One per cent tax collection at source ( TCS) will not be levied on sale of motor vehicles of over Rs 10 … Witryna7 sie 2024 · Section 206C (1F) – Sale of motor vehicle: 1: ... TDS is treated as an expense to the company, on the other hand, TCS is treated as an income to the company. TDS is applicable on specified expenses when the amount paid exceeds the specified exemption limit, whereas, TCS is applicable on sale of certain specified …

Witryna31 mar 2024 · Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the … Witryna14 mar 2024 · Section 206C (1) (applicable for TCS on sale of alcohol, tendu leaves, timber, scrap, etc.) specifically excludes its applicability when such goods are procured for the purpose of further manufacturing / processing, subject to declaration by buyer. Considering no similar exemption in section 206 (1H), TCS may be levied for any sale …

WitrynaThe seller shall collect the tax @ 1% from the purchaser on sale of any motor vehicle (and not from purchaser of Luxury Cars only) of the value exceeding Rs.10,00,000. …

Witryna16 kwi 2024 · As per the finance bill 2016, when a motor vehicle is purchased the seller is required to deduct TCS. Under section 206 (1F) a seller has to deduct TCS @1% … diamondback release 3 weightWitryna24 lis 2024 · 2. GST @ 18% (CGST + SGST or IGST) on Old and used, diesel driven motor vehicles of engine capacity of 1500 cc or more and of length of 4000 mm. 3. GST @ 18% (CGST + SGST or IGST) on Old and used motor vehicles of engine capacity exceeding 1500 cc, popularly known as Sports Utility Vehicles (SUVs) including utility … circle open or closed number lineWitryna16 maj 2024 · This section is applicable to each sale and not to aggregate value of sale during the year. This section is not applicable on sale of motor vehicles by … circle on the mapWitryna29 sie 2024 · (d) Goods covered under section 206(1F) i.e. Motor Vehicle dealer is liable to collect TCS where the value of a motor vehicle exceeds Rs.10.00 Lacs. [Where sale consideration from a buyer exceeds rupees fifty lakhs during a financial year on account of sales of motor vehicles having sales value of Rs10.00 Lacs or less than that TCS … diamondback rentals conroe txWitrynaLiczba wierszy: 16 · 27 gru 2024 · GST rate in case of old and used car was same as applicable on new car up to 25/01/2024. Following are rates as per notification no. … diamondback rentals of nevadaWitryna15 mar 2024 · However, for the purchase of goods or services exceeding Rs.2 lakh in cash, these exclusions would not apply. The use of the term “motor vehicle” would include all types of vehicles—two-wheelers (such as high-end motorcycles), motor … diamondback release 2018Witryna7 paź 2024 · Two sections are attracted of Income-tax Act, 1961. According to section 206C (1F) of Income-tax Act, 1961 Seller is required to deduct TCS @1% on sale of … circle on wrist