CBDT: 1% Tax at Source on Retail Sales of Motor Vehicles - 09.06.2016

Centre has decided to levy 1% tax collected at source (TCS) on motor vehicles purchased in ‘cash’, in the range of Rs 2-10 lakh. Also, any sale exceeding Rs 10 lakh will attract the 1% tax, irrespective of whether the amount has been paid by cash, cheque or demand draft.

Tags : CBDT tax collected at source

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