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TCS under section 206C, BY SELLER OF GOODS AND SERVICE PROVIDERS when consideration is received in cash (w.e.f. 01st June 2016)

Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 14-6-2016 Last Replied Date:- 30-12-1899 - Relevant portions of S.206C regarding obligation for collection in simplified manner. Section 206C for Tax collection at source: In Chapter XVII sub-chapter BB- Collection at source was inserted w.e.f. 01.06.1988. S.206C is about obligations and related liabilities for TCS. The provisions have been amended too many times. In any standard book or website we find more than 50 foot n .....

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ints Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. Section 206C. Bullion, jewellery and now other goods and services have been added but heading has not been changed. So one need to read section very carefully. xxx [(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion 45[***] or jewellery, 48[or any other goods (other than bullion or jewellery) or providing any service] shall, at the time of rece .....

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(ii), or any service, exceeds two hundred thousand rupees: Rs. two lakh is limit. On reading of provisions, limit seems applicable to each case of receipt of consideration in cash. Provided that no tax shall be collected at source under this subsection on any amount on which tax has been deducted by the payer under Chapter XVII-B.] If tax has been deducted by payer than TCS will not apply- this is presently only for contracts and many services. 1E) Nothing contained in sub-section (1D) in relati .....

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of motor vehicle, when consideration for a motor vehicle exceeds of Rs. ten lakh TCS @ 1% is provided irrespective of mode of payment received. The limit is applicable for each motor vehicle. (2) The power to recover tax by collection under sub-section (1) 8[or sub-section (1C) 42[or sub-section (1D)]] shall be without prejudice to any other mode of recovery. TCS is in addition to other modes of recovery of tax by revenue. (3) Any person collecting any amount under sub-section (1) [or sub-sectio .....

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Failure to collect tax shall not absolve from liability- amount collectible will have to be paid, whether collected or not. [(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax: Full or parti .....

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n which the tax was actually paid [and such interest shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions Liability for interest. (8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of the 28[person responsible for collecting tax].] Un paid TCS and interest thereon shall be a charg .....

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ate than the relevant rate specified in sub-section (1) 33[or sub-section (1C) 42[or sub-section (1D)]]. Application by buyer / service receiver and grant for TCS at lower rate. (10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate. Lower TCS certificate will prevail unless cancelled.(or limit expires- if it is granted fo .....

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