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Section 206C - Tax collection at source (TCS)

Income Tax - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax - 40 - SEC - 206C: TAX COLLECTION AT SOURCE SECTION 206C(1): PROFIT AND GAINS FROM BUSINESS OF TRADING IN ALCOHOLIC LIQUOR, FOREST PRODUCE, SCRAP, ETC. Every person, being a seller shall at the time of debiting the amount payable by the buyer to the account of the buyer, or at the time of receipt of such amount from the said buyer, whichever is earlier, collect from the buyer, a sum equal to the fo .....

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be collected at source at the basic rate. Meaning of scrap:- Scrap means waste or scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons. Self declaration by buyer if relevant goods are purchased for manufacturing or producing any articles or things (Section 206C(1A) & Rule 37C):- Notwithstanding anything contained in sub-section (1), no collection of tax shall be made in the case of a resid .....

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e Principal Chief Commissioner (Section 206C(1B)):- The person responsible for collecting tax under this section shall deliver or cause to be delivered to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner one copy of the declaration 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 in .....

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