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TMI Blogamendment of Sec. 206CX X X X Extracts X X X X X X X X Extracts X X X X ..... amendment of Sec. 206C X X X X Extracts X X X X X X X X Extracts X X X X ..... t of ₹ 2 lakhs is for a particular transaction, or the aggregate of cash paid during the year for multiple transactions. Thanks. Reply By Ramesh Rangani: The Reply: Hi Murali, Below may be u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seful to you: Importance of above Limits The limit for applicability of TCS is as follows: * Bullion (exceeding ₹ 2 Lakhs), * Jewellery (exceeding ₹ 5 Lakhs), or * Any other goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any service (Exceeding ₹ 2 Lakhs) * sale of motor vehicle of value exceeding ₹ 10 Lakhs (in cash or cheque) In case of (iii) above, If payment consideration (or any part of it) is r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived in cash of sale of ANY goods/ provision of any service whose consideration exceeds ₹ 2. Lakh, then TCS @ 1% should be collected. If single party is having multiple bills each less than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Lakh, then any amount collected in cash will not be liable to TCS. It is applicable on transaction basis on Single Bill exceeding ₹ 2 lakh. Reply By Ganeshan Kalyani: The Reply: Sir, please ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find the latest Circular which will clarify your query.
Circular No. 23/2016, New Delhi, dated the 24 June, 2016 X X X X Extracts X X X X X X X X Extracts X X X X
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