TMI Blogamendment of Sec. 206CX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, The limit of cash payment of ₹ 2 lakhs is for a particular transaction, or the aggregate of cash paid during the year for multiple transactions. Thanks. - Reply By Ramesh Rangan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i - The Reply = Hi Murali, Below may be useful to you: Importance of above Limits The limit for applicability of TCS is as follows: Bullion (exceeding ₹ 2 Lakhs), Jewellery (exceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 5 Lakhs), or Any other goods 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment consideration (or any part of it) is received in cash of sale of ANY goods/ provision of any service whose consideration exceeds ₹ 2. Lakh, then TCS @ 1% should be collected. If singl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e party is having multiple bills each less than 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. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By Ganeshan Kalyani - The Reply = Sir, please find the latest Circular which will clarify your query. Circular No. 23/2016, New Delhi, dated the 24 June, 2016 - amendment of Sec. 206C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Query Started By: - Murari Agrawal Dated:- 27-6-2016 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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