TCS On sale of Goods - New Income Tax Compliance w.e.f 1st October 2020

Ishita Ramani | Last updated: 14 July 2021

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From 1st October 2020, new rules for Tax Collected at Source (TCS) on the sale of goods have come into effect under Section 206C(1H) of the Income Tax Act. Sellers with a preceding financial year's turnover exceeding ₹10 crore must collect TCS at 0.075% on sale consideration exceeding ₹50 lakh per buyer. This applies to goods sales, excluding exports and specific government entities, with the rate increasing to 0.1% from April 2021.

With a view to widen the tax-net, the Indian government has extended the scope of Tax Collected at Source (TCS). The Government of India has added a new sub section (1H) in section 206C which would be called section i.e. 206C (1H) of the Income Tax Act, 1961 with regardto Tax Collection at Source.

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1 Year PLAN

1999

(Excl. of GST ₹359)

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2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

Ishita Ramani

Director - Operations

She is a young woman entrepreneur and currently the Operations Director at ebizfiling India Private Limited. In her entire career so far, she has led a team of 50+ professionals like CA, CS, MBAs, and retired bankers. Apart from her individual experience on almost every facet of Indian Statutory Compliance, she has bee ... Read more

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