Amendment in section 206c

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Atish Agarwal

Atish Agarwal (Querist)
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15 June 2016 With new amendment subsection (1D) whether Tcs is applicable if Buyer uses goods for self consumption ?

Rupesh Jain

Rupesh Jain (Expert)
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15 June 2016 now on vehicle exceed 10 lacs and purchase of service and goods exceeds rs. 2 lacs in cash will attrach TCS. to except jeweller its rs. 250000

you can see

taxguru.in/income-tax/tcs-rate-on-sale-of-goods-and-services-wef-01-06-2016.html

Atish Agarwal

Atish Agarwal (Querist)
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16 June 2016 Earlier in definition of buyer Goods used for self consumption was exempted ... so whether buyer of goods & services exceeds Rs 2 lacs in cash will attract TCS if goods is used for self consumption..??

Rupesh Jain

Rupesh Jain (Expert)
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16 June 2016 now its applicable on the self consumption also, its for stop to use cash purchases.

Atish Agarwal

Atish Agarwal (Querist)
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24 June 2016 Is there any circular or Clarification from CBDT supporting that now it would be applicable on self consumption also

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2016 this in mention in the section. and not given any exemption.

Atish Agarwal

Atish Agarwal (Querist)
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24 June 2016 If Sale Consideration is Rs 4 Lacs, Out of which Rs 3 lacs is paid by cheque and Rs 1 Lac in Cash...
Then in this situation whether TCS shall be applicable and if yes then on what amount ?

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