Car buyers can claim ₹10,000 TCS tax refund

Car dealers collect 1% TCS on motor vehicle sales with ex-showroom value exceeding ₹10 lakh.

TCS is a tax credit linked to the buyer's PAN, not an extra charge, and can be adjusted against income tax liability when filing ITR.

If tax payable is less than TCS paid, the excess amount is refunded to the buyer; for a ₹15 lakh car, the refund is approximately ₹15,000.

TCS deduction can be verified via Form 26AS and AIS statements.

The TCS credit applies for the financial year in which the car was purchased.