Car over ₹10 lakh? Claim your 1% TCS in ITR using Form 26AS.

• A 1% TCS (Tax Collected at Source) is applicable on car purchases exceeding ₹10 lakh, collected by the dealer.
• Taxpayers can verify TCS entries in Form 26AS on the income tax portal.
• TCS amounts are automatically adjusted against tax liability or refunded when filing Income Tax Returns (ITR).
• Form 26AS provides a comprehensive record of all TDS and TCS entries for the year.
• TCS also applies to other transactions, including money sent abroad and foreign tour packages.

Why It Matters: Helps car buyers avoid overpaying tax by claiming TCS correctly.