What is TCS for Car Purchase?
TCS (Tax Collected at Source) is a nominal tax (1% for cars above ₹10 lakhs) that sellers must collect from buyers under the Income Tax Act, 1961. It’s not an extra cost, it’s part of your total tax deposited and will be adjusted against your tax liability at the time of filing your Income Tax Return (ITR), just like TDS.
What is Form 27D (TCS Certificate)?
Form 27D is an official certificate issued by the government. It confirms that Spinny collected TCS from you and deposited it with the Income Tax Department against your PAN, like a tax receipt.
Why Do We Share It?
Proof for records: It’s official evidence in case of any mismatch in your tax details.
Helps in ITR filing: Your CA or tax advisor may require it while filing your return.
How It Appears in Your Tax Records
The TCS collected by Spinny will reflect in your Form 26AS and AIS (Annual Information Statement).
How to Use the Certificate
For ITR: If required share it with your CA or upload details when filing ITR.
In case of mismatch: Use it as evidence if TCS doesn’t appear in 26AS/AIS.
For future reference: Keep it safely, like Form 16 or property tax receipts.
