Ways to refund money: If you have also bought a car worth more than Rs 10 lakh, then this news is for you. Actually, now if you buy a car costing more than Rs 10 lakh, it will become very important for you to pay an additional amount in the form of TCS (Tax Collected at Source). According to the information, under Income Tax rules, TCS of 1 percent is deducted by the showroom on purchasing expensive vehicles worth more than Rs 10 lakh. But, the special thing in this is that your money does not sink anywhere, rather you can also get your money back.

Know here how this scheme works?

Everyone knows that as soon as you buy a new car, the dealer collects 1 percent tax of the car price from you, where the tax collected is deposited with the government. This is reflected in your Form 26AS and AIS (Annual Information Statement), which is actually your tax paid in advance.

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In what ways can you get your money?

You can find your zodiac sign very easily through three main methods. First of all, you can file your Income Tax Return (ITR) completely at the end of the year. On the other hand, if your tax liability is much less than TCS, then your money will be easily refunded directly into your bank account. Not only this, if you have to pay tax on the entire year’s income at once, then if you want, you can also completely reduce your TCS amount of 1 percent.

However, those who are in employment are given a best option here, where the employees have to submit the vehicle purchase receipt properly. Where, the company completely reduces the TDS deducted from your salary.

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Work will not be possible without these important documents

You will have to keep these important documents with you during this entire process. In which the first TCS certificate (Form 27D), where the car dealer will definitely ask for this certificate from you. Apart from this, keep special attention that while checking AIS, whether the car dealer has deposited this tax on your PAN or not.