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Bought a car above Rs 10 lakh? You can claim TCS refund on your purchase; here's how
Under Section 206C of the Income Tax Act, automobile dealers are required to collect 1% TCS on the purchase of motor vehicles costing more than Rs 10 lakh. The tax is calculated on the total invoice value, including GST and other charges.
TCS is a tax collected by the seller at the time of sale. For cars, it is linked to the buyer’s PAN and reflected in Form 26AS and AIS.