Don’t Forget to Claim Your Refund from the Government!🧐💰

Описание: ✅ What’s the rule
• Under Section 206C(1F) of the Income‑tax Act, 1961, when you purchase a motor vehicle (car / bike / etc.) and the sale value is over ₹10 lakhs, the seller (dealer) must collect 1% TCS on the transaction. 
• This applies to retail buyers (i.e. individuals) — not to purchases by certain entities (like govt bodies, embassies, certain public sector undertakings, etc.). 
• The 1% is collected at the time you pay (or when dealer receives payment), and deposited with the government under your PAN.

📝 What to do after buying the car

When you buy the car and pay the 1% TCS, follow these steps to claim it back or adjust against your tax:
1. Get Form 27D from the dealer — this is the certificate/ proof that TCS was collected on your purchase. 
2. Check your Form 26AS (or AIS) on the Income-tax e-filing portal — after some time (once dealer reports TCS), the 1% amount should show up linked to your PAN. 
3. File your Income Tax Return (ITR) for that financial year — in your ITR “Taxes Paid / TCS” section, include the TCS amount against the car purchase. 
4. Tax offset or refund:
• If you owe tax for the year: the TCS amount reduces your tax liability. 
• If you don’t have tax liability (or liability less than the TCS paid): the excess gets refunded to your bank account.

⚠️ What to watch out for
• Make sure your PAN is given to the dealer at time of purchase. If PAN isn’t submitted, a higher TCS rate (or different tax treatment) could apply. 
• The car dealer must actually report the TCS against your PAN for it to reflect in Form 26AS. If they fail, your 1% will not show up — so verify Form 26AS before ITR filing. 
• If your annual income tax liability is zero or low, claiming a refund is still valid — many buyers don’t realise this, so they just leave that 1% with the government.


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