TMI BlogRates of Tax Collection at Source for the Financial Year 2023-24X X X X Extracts X X X X X X X X Extracts X X X X ..... 206C(1) Any other forest product (not being timber or tendu leaves) 2.5% 206C(1) Scrap 1% 206C(1) Minerals, being coal or lignite or iron ore [w.e.f. 1.7.2012] 1% 206C(1C) Lease or license of Parking lot, toll plaza, mining quarrying 2% 206C(1F) Sale Value of Motor Vehicle whether in cheque or in any other mode of receipt 1% 206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seas tour program package 5% (without threshold) 5% till Rs 7 lakh, 20% thereafter Note :- (i) TCS rate mentioned in column 2 shall continue to apply till 30th September, 2023. (ii) There shall be no TCS on expenditure under LRS under clause (i) of sub-section (1G) of section 206C upto Rs 7 lakh, irrespective of purpose. (iii) TCS Rates shall be applicable according to under this section in following cases Note 1: TCS Rates on Non Furnishing of PAN u/s. 206CC As per section 206CC , notwithstanding anything contained in any other provisions of this Act, any person paying any sum or amount, on which tax is collectible at source under Chapter XVII-BB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctee i.e. Specified Person Specified person proposes to means a person who has not furnished the return of income for assessment year relevant to the previous year immediately preceeding the financial year in which tax is required to be deducted, for which the time limit for furnishing return of Income u/s 139(1) has expired and aggregate of TDS/TCS in his case is Rs. 50,000/- or more in said previous year. [Amendment by FA, 2023 Provided that the specified person shall not include (i) a non-resident who does not have a permanent establishment in India; or (ii) a person who is not required to furnish the return of income for the assessment year relevant to the said previous year and is notifie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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