Collection of tcs on jewellery / bullion
This query is : Resolved
Shirish Shah
(Querist)
08 May 2016
hello sir,
I would like to know that as per budget 2016, section 206C is it necessary to collect tcs of 1 % on sale of jewellery, above two lakhs but below five lakhs in cash.
and also guide that if the customer gives old gold or bullion as consideration for new jewellery above two lakhs but below five lakhs, is it necessary to collect tcs of 1 %.
kindly reply
regards Girish Shah
pls
I would like to know that as per budget 2016, section 206C is it necessary to collect tcs of 1 % on sale of jewellery, above two lakhs but below five lakhs in cash.
and also guide that if the customer gives old gold or bullion as consideration for new jewellery above two lakhs but below five lakhs, is it necessary to collect tcs of 1 %.
kindly reply
regards Girish Shah
pls
CA R SEETHARAMAN
(Expert)
08 May 2016
1 As per budget 2016 it is necessary to collect TCS 1% on sale of jewellery above 2 lacs in cash.
2 TCS not applicable in case of exchange of old jewellery.
2 TCS not applicable in case of exchange of old jewellery.
Rupesh Jain
(Expert)
12 May 2016
tcs will deducted on cash purchase and tcs not applicable on sale of old jewellery.
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