• Amlan Dutta
• July 23, 2018 (Added)
• 0 (Comments)

My friend has taken a Car Loan of Rs1134990 & Form 26AS shows TCS of Rs11350
My Query is:-
a) Can we claim TCS of Rs11350
b) Where we will show Rs1134990 (i.e., Amount Paid)"

Solution-
He can surely claim credit and he shall be doing it in schedule TCS for the same ....

b.) The amount paid shall be depicted under under Schedule TCS, column 3
(Note the loan amount is not income and therefore not to be shown in the income schedule at all , it is just to be depicted in the amount paid portion of the tax details schedule)

The one per cent tax collection at source (TCS) on luxury cars priced above Rs 10 lakh announced by Finance Minister Arun Jaitley in the Budget 2016-17 could impact ease of doing business, according to home-grown auto major Mahindra & Mahindra.

The tax would be collected on ex-showroom price. The dealer will have to collect and pay it to the government. Since the TCS can be set off against tax liability....

Humble regards,

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