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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. .....

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llowing 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 oth .....

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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 decla .....

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ent buyer, if such buyer furnishes to the person responsible for collecting tax, a declaration in writing in duplicate in the prescribed form (Form No. 27C) and verified in the prescribed manner to the effect that the goods referred to in column (2) .....

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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 Commissione .....

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to 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 p .....

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