Buying a Car Above ₹10 Lakhs? Know This TCS Rule | Tata Punch Car Example | Claim Full Refund in ITR

If you're planning to buy a car worth more than ₹10 lakhs in India — such as the Tata Punch top variant — you should be aware of TCS (Tax Collected at Source) under Section 206C(1F) of the Income Tax Act.

According to the rule, car dealers are required to collect 1% TCS on cars valued over ₹10,00,000.

For example:
Car price: ₹12,00,000
TCS collected: ₹12,000

This TCS amount is reflected in your Form 26AS and can be claimed as a refund in your Income Tax Return (ITR) if you have no other tax liability.

This video explains:

What is TCS on car purchase in India

How TCS is calculated for cars above ₹10 lakhs

How to claim TCS refund in ITR

Who can claim the refund

Section 206C(1F) rules and benefits

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