Bought a Car Above ₹10 Lakh? Claim Your TCS Credit While Filing ITR | Form 27D Explained, by Trading Monks on YouTube. 1 min 8 s.
- Video length
- 1 min 8 s
- Time to do it
- 30 minutes
- Difficulty
- Easy
- Steps
- 7
What you need
Steps
Check your car invoice. If the sale value is above 10 lakh rupees, the dealer should have collected 1% of the sale consideration as TCS.
Ask your dealer for Form 27D, the TCS certificate. It shows the TCS amount collected and the dealer's TAN. Keep the original.
Log in to the income tax e-filing portal and open Form 26AS. Confirm the TCS entry from the dealer appears there.
If the entry is missing, ask the dealer to file the TCS return and correct the PAN details. The credit only shows after the dealer reports it.
Start your ITR and go to the tax paid section. Enter the TCS amount under the schedule for taxes paid, matching Form 26AS.
The TCS is adjusted against your total tax liability. If your credit is more than what you owe, the excess shows as a refund.
Submit the return and e-verify it. Keep Form 27D, the invoice and the 26AS copy for your records.
Tips and common mistakes
Check Form 26AS before you file, not after. A missing entry is easier to fix early.
Make sure the dealer has your correct PAN. A wrong PAN means the credit will not reach your account.
The final refund depends on your total income and tax position, so do not assume the full TCS comes back.
Rules and limits can change, so confirm the current TCS threshold before you rely on this.
Questions
What is Form 27D?
It is the TCS certificate the seller gives you. It shows the amount collected, the date and the seller's tax details.
Can I claim TCS if the car is in a company's name?
Yes, but the claim must be made by the person or entity whose PAN is on the invoice. Match the PAN in Form 26AS with your return.
What if the TCS is not in Form 26AS?
Contact the dealer and ask them to file or correct the TCS return. You cannot claim a credit that is not reported against your PAN.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
