Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income Tax Act governs the goods on which the seller has to collect tax from the purchasers. In this article, we will discuss the TCS Rates applicable for FY 2021-22.
TCS Rates for Financial Year 2021-22(A.Y.2022-23)
|
TCS RATES |
|||
|
Section |
Nature of Payment |
Threshold Limit of Payment |
Rates |
|
206C (1) |
Sale of Scrap |
1.00% |
|
|
206C (1) |
Sale of Tendu Leaves |
|
5.00% |
|
206C (1) |
Sale of Timber obtained under a forest lease or other mode |
|
2.50% |
|
206C (1) |
Sale of Any other forest produce not being a Timber or tendu leaves |
|
2.50% |
|
206C (1) |
Sale of Alcoholic Liquor for Human Consumption |
|
1.00% |
|
206C |
Sale of Indian made for foreign liquor |
|
1.00% |
|
206C (1C) |
Lease or license of Parking lot, toll plaza, mining & quarrying |
|
2.00% |
|
206C (1) |
Sale of Minerals,coal lignite, Iron ore by a trader |
|
1.00% |
|
206C (1F) |
Sale Value of Motor vehicle whether in cheque or in any other mode of receipt |
Exceeding Rs. 10 Lakhs per transaction |
1.00% |
|
206C |
Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if remitted amount is out of loan obtained from any financial institution u/s 80E for the purpose of pursuing any education |
|
0.5% (applicable from 01.10.2020) |
|
206C |
Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in any other case |
|
5% (applicable from 01.10.2020) |
|
206C |
Selling of overseas tour package |
|
5% (applicable from 01.10.2020) |
|
206C |
Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from business exceeds Rs 10 Crore during immediately financial year |
Rs. 50 Lakhs |
0.1% (applicable from 01.10.2020) |
|
Note: |
|
|
In case of non-availability of PAN |
Higher of the following rates: 1. Twice the rate specified in the relevant provision of the Act; or 2. At the rate of 5% |
|
TCS on Non-Filers of ITR under section 206CCA (applicable w.e.f 01.07.2021) |
Higher of the following rates: 1 Twice the rate specified in the relevant provision of the Act; or 2. At the rate of 5% |
(A) DATE TO DEPOSIT [DEPOSIT]
|
TAX DEDCUTED AT SOURCE (TDS) |
TAX COLLECTED AT SOURCE (TCS) |
|
7th day of next month (30th April for TDS deducted in the month of March) |
7th day of next month (for TCS collected in the month of March - 7th April) |
(B) PAYMENT OF TAX, QUARTERLY STATEMENT AND FURNISHING TDS/TCS CERTIFICATE
[DECLARE]
Financial Year 2020-21
|
Quarter ending on |
Due Date for Quarterly TDS Statement in Form no. 24Q/26Q/27Q |
Due Date for Quarterly TCS Statement in Form no. 27EQ |
|
30th June,2020 |
31St March,2021 |
31St March,2021 |
|
30th September,2020 |
31st March,2021 |
31St March,2021 |
|
31st December,2020 |
31st January, 2021 |
15th January, 2021 |
|
31st March,2021 |
15th July, 2021 |
15th May, 2021 |
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