TMI BlogSection 206C - TCS on Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etcX X X X Extracts X X X X X X X X Extracts X X X X ..... o the following percentage of the purchase price, as income-tax. S.No Nature of goods Percentage of Purchase Price 1. Alcoholic liquor for human consumption 1% 2. Tendu Leaves 5% 3. Timber obtained under a forest lease 2.5% 4. Timber obtained by any mode other than under a forest lease 2.5% 5. Any other forest produce not being timber or tendu leaves 2.5% 6. Scrap 1% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aration referred to in sub-section (1A) on or before the seventh day of the month next following the month in which the declaration is furnished to him. Section 206C(1C) Every person, who grants a lease or a licence or enters into a contract or otherwise transfers any right or interest in any parking lot or toll plaza or mine or quarry to another person, other than a public sector company (herein after called as Licencee or Lessee ) for the use of such parking lot or toll plaza or mine or quarry for the purposes of business shall, at the time of debiting of the amount payable by the licencee or lessee to the account of the licencee or lessee or at the time of receipt of such amount from the licencee or lesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uyer shall be equal to 5% of the amount or aggregate of the amounts in excess of ₹ 7,00,000 remitted by the buyer in a FY, where the amount being remitted is for a purpose other than purchase of overseas tour programme package and is for the purposes of education or medical treatment [Omitted by FA, 2023, w.e.f., 01-07-2023 ] However, that the authorised dealer shall collect a sum equal to 0.5% of the amount or aggregate of the amounts in excess of ₹ 7,00,000 remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education: Where no tax is to be collected at source: (a) The author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. Section 206C(1H) Seller to collect TCS from consideration rececived from buyer Person Responsible for collecting TCS : Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year , other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1% of the sale consideration exceeding ₹ 50,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject to such conditions as may be specified therein. ; Note: The buyer shall get credit of TCS collected by seller. No TCS has to be collected where: (i) Buyer is a public sector company (ii) Buyer is a Central Govt., State Govt. (iii) Buyer is a club (iv) Buyer is embassy, High commission, Consulate or trade representative of a foreign state. (v) Buyer buys the above goods for his personal consumption. SECTION 206C(1D):- [Omitted by FA, 2017,w.e.f. 1-4-2017 ] SECTION 206C(1E):- [Omitted by FA, 2017,w.e.f. 1-4-2017 ] - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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