{"id":719,"date":"2020-05-16T11:51:05","date_gmt":"2020-05-16T06:21:05","guid":{"rendered":"https:\/\/vdtc.co.in\/?p=719"},"modified":"2020-05-16T11:51:06","modified_gmt":"2020-05-16T06:21:06","slug":"tcs-tax-collected-at-source","status":"publish","type":"post","link":"https:\/\/vdtc.co.in\/?p=719","title":{"rendered":"TCS: Tax Collected at Source"},"content":{"rendered":"\n

What is TCS?<\/strong><\/h3>\n\n\n\n

TCS is an abbreviation for Tax Collection at Source. The provision of TCS is governed by section 206C. TCS is one of the Models of collecting Income-tax from the taxpayer, where the seller will collect tax from the buyer and will pay the same to the government.<\/p>\n\n\n\n

TCS Rate <\/strong><\/h3>\n\n\n\n
Section<\/td>Particulars<\/td>TCS Rates (in %) (AY 2020-21)<\/td>TCS Rates (in %) (AY 2021-22)<\/td><\/tr>
206C(1)<\/td>Sale of the following:<\/td><\/td><\/td><\/tr>
<\/td>a) Alcoholic Liquor for Human Consumption<\/td>1%<\/td>1%<\/td><\/tr>
<\/td>b) Tendu leaves<\/td>5%<\/td>5%<\/td><\/tr>
<\/td>c) Timber obtained under a forest lease<\/td>2.5%<\/td>2.5%<\/td><\/tr>
<\/td>d) Timber obtained by any mode other than under a forest lease<\/td>2.5%<\/td>2.5%<\/td><\/tr>
<\/td>e) Forest produce(any other) not being timber or tendu leaves<\/td>2.5%<\/td>2.5%<\/td><\/tr>
<\/td>f) Scrap<\/td>1%<\/td>1%<\/td><\/tr>
<\/td>g) Minerals, being coal or lignite or iron ore<\/td>1%<\/td>1%<\/td><\/tr>
206C(1C)<\/td>Grant of lease or license of the following:<\/td><\/td><\/td><\/tr>
<\/td>a) Parking lot<\/td>2%<\/td>2%<\/td><\/tr>
<\/td>b) Toll Plaza<\/td>2%<\/td>2%<\/td><\/tr>
<\/td>c) Mining and quarrying (Other than mining and quarrying of mineral oil, petroleum and natural gas)<\/td>2%<\/td>2%<\/td><\/tr>
206C(1F)<\/td>motor vehicle Sale of the value exceeding Rs. 10 lakh whether payment is received by cheque or by any other mode<\/td>1%<\/td>1%<\/td><\/tr>
206C(1G)(a)<\/td>TCS on foreign remittance through\u00a0Liberalised Remittance Scheme (LRS)<\/td>NA<\/td>5%(10% for non-PAN or Aadhar cases)<\/td><\/tr>
206C(1G)(b)<\/td>TCS on the selling of overseas tour package<\/td>NA<\/td>5%(10% for non-PAN or Aadhar cases)<\/td><\/tr>
206C(1H)<\/td>TCS on sale of any goods [except goods covered under sec. 206C (1), 206C (1F) and 206C (1G)]<\/td>NA<\/td>0.1%(1% for non-PAN or Aadhar cases)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Notes:<\/strong><\/p>\n\n\n\n

Classification of Seller for TCS<\/h3>\n\n\n\n

For TCS purpose a seller is defined as any of the following person and organizations:<\/p>\n\n\n\n