9911796707
TMI BlogRates of Tax Collection at Source for the Financial Year 2025-26X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted from 01.04.2025 ] 6 206C(1) Scrap 1% 7 206C(1) Minerals, being coal or lignite or iron ore [w.e.f. 1.7.2012] 1% 8 206C(1C) Lease or license of Parking lot, toll plaza, mining & quarrying 2% 9 206C(1F) Upto 31.12.2024 - Sale Value of Motor Vehicle whether in cheque or in any other mode of receipt From 01.01.2025 - Sale Value of Motor Vehicle or any other goods (specified by the Central Government by notification) whether in cheque or in any other mode of receipt. [ Substituted vide Finance (No. 2) Act, 2024 ] 1% 10 206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p; 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 (herein referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:- * (i) at twice the rate specified in the relevant provision of this Act; or * (ii) at the rate of five per cent. * However, As per Amendment by FA, 2023, w.e.f., "rate of tax collection at source under this section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot 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 notified by the Central Government in the Official Gazette in this behalf."] 3. Cess Health and Education Cess - 4% of Income Tax 4. Applicable surcharge Rate :- In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for the purposes of the Union Particulars Threshold limit Rate of Surcharge In the case of the following person mentioned below,& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to the deduction exceeds Rs. 1 crore 15% In the case of every co-operative society, being a non-resident where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds Rs. 1 crore but does not exceed Rs. 10 crore 7% where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds Rs. 10 crore 12% In the case of every firm, being a non-resident where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds Rs. 1 crore 12% in the case of every company other than a domestic company where the income or the aggregate of such incomes pai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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