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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 in Section 206C of the Income-tax Act vide Finance Act 2016 - Clarifications regarding. In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one .....

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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 answer as under: Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Ans .....

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