New tcs 1% on cash transaction
sagar nimkar (accountant) (25 Points)
04 June 2016sagar nimkar (accountant) (25 Points)
04 June 2016
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 11 July 2016
NO...You are not required to collect TCS in your case.
As per section 206C, tax has to be collected at source in the following case:
1)Alcoholic liquor for human consumption1%
2)Tendu Leaves5%Timber obtained under a Forest Lease2.5%
3)Timber obtained by any mode other than Forest Lease2.5%
4)Any other Forest produce not being forest timber or tendu leaves2.5%
5)Scrap1%
6)Minerals being Coal or Lignite or Iron ore1%
7)Parking Lot, Toll Plaza,
8)Mining and Quarrying2%
9)Where ANY amount of consideration is received in cash on sale of :- Bullion (consideration exceeds Rs. 2 Lakhs), Jewellery (consideration exceeds Rs. 5 Lakhs), and with effect from June 1,2016 ,Any other goods and services (exceeding Rs. 2.00 Lakh) if TDS Provision is not applicable
10)Where amount is received by cheque or any other mode on sale of :- Motor vehicle of the value exceeding Rs. 10.00 Lakh-1%
Any other good & Service which means excluding 1 to 8 no items (Alcoholic liquor)
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