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Deepak bajpai

Category : TCS..,
Solved
July 23, 2018 12:07 am
Sir I have purchase a car for rs 1200000 the TCS of rs 12000 is deducted by me and shown my 26as forms I am a goverment employ and fill my itr for last 5 years how I claim this amount may I claim it or not how I fill my itr
My TDs of rs 87000 is also deducted from my employer
What can I do
Please reve...
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Amlan Dutta
Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this cre...
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Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this credit for meeting your tax liability ....check answer option - video for tutorial on this topic...Under tax details tab , head towards TCS schedule and fill details accordingly (check attached pictures)...you can also refer to the answer options - video for video on this topic P.s - As per new introduction in Budget 2016, and newly inserted Sub Sec. 1F of Section 206C.,Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016 Act – “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall at the time of receipt of such amount, collect from the buyer, a sum equal to one percent of the sale consideration as income tax. Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this credit for meeting your tax liability ....check answer option - video for tutorial on this topic...Under tax details tab , head towards TCS schedule and fill details accordingly (check attached pictures)...you can also refer to the answer options - video for video on this topic P.s - As per new introduction in Budget 2016, and newly inserted Sub Sec. 1F of Section 206C.,Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016 Act – “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall at the time of receipt of such amount, collect from the buyer, a sum equal to one percent of the sale consideration as income tax.
  • July 23, 2018
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Devidas Chande

Category : TCS..,
Solved
June 19, 2018 9:46 am
Hi sir mere dost ne vehicle purchase kiya loan ka time TCS hua hai kya wo claim kar sakate hai
Aur Transport ke liye ek normal vehicle hai uska kabhi rent wo account deposit karte hai
Uska kuch payment 26As me dikha raha hai,
uska liye income tax returns konsa file kare
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Amlan Dutta
I see that he is in contracting business because the first TDS has happened u/s 194 C ....Car loan is not a income ...the TCS can be claimed as credit by your friend ...see my tutorial on claiming credit of TCS on car loan
  • June 19, 2018
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NIRAJ SINGH

Category : TCS..,
Solved
April 28, 2018 9:58 am
Form 26AS pic is attached. Please tell me the TAX Treatment for the AY 2018-19
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)
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Amlan Dutta
a.) 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 s...
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a.) He can surely claim credit and he shall be doing it in schedule TCS for the same .... <br /> <br />b.) The amount paid shall be depicted under under Schedule TCS, column 3 <br />(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)
  • April 28, 2018
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