No TCS On Sale Of Cars Exceeding Rs 10 Lakh To Government Departments: Taxman

New Delhi: One per cent tax collection at source (TCS) will not be levied on sale of motor vehicles of over Rs 10 lakh to government departments, distributors and dealers, the Income Tax Department said on Wednesday. The Central Board of Direct Taxes (CBDT), in a set of frequently asked questions (FAQs), said that the 1 per cent TCS will apply only to retail sales and has to be collected by the seller from the buyer. "This (TCS) is...