Amendment in section 206c

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Atish Agarwal

Atish Agarwal (Querist)

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

Rupesh Jain

Rupesh Jain (Expert)

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)

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)

16 June 2016 now its applicable on the self consumption also, its for stop to use cash purchases.

Atish Agarwal

Atish Agarwal (Querist)

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)

24 June 2016 this in mention in the section. and not given any exemption.

Atish Agarwal

Atish Agarwal (Querist)

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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