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Applicability of TCS where the bill amount is exceeding ₹ 2 lakhs and when part of the bill is paid in cash and part through cheque - CBDT clarifies

Income Tax - 23/2016 - Dated:- 24-6-2016 - Circular No. 23/2016 F. No.370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, dated the 24 June, 2016 Subject: Amendment .....

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per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the amendment, a number of representations were received from various stakeholders with regard to the scope of the provisi .....

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ecided to clarify the issue as regards applicability of the provisions relating to levy of TCS where the sale consideration received is partly in cash and partly in cheque by issue of an addendum to the above circular in the form of question and answ .....

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wer. : No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees. Illustration: Goods worth ₹ 5 lakhs is sold for which the consideration amounting .....

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n at source under section 206C (ID) will apply only to cash component or in respect of whole of sales consideration. Answer.: Under section 206C (ID), the tax is required to be collected at source on cash component of the sales consideration and not .....

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