Related to tcs of section 206c

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Rani Jain (Querist)

17 May 2016 I have some query for section no. 206C of Income Tax Act related to TCS provisions and they are:

1. for sub section 1 of section 206C, buyer does not include "a buyer in the retail sale of such goods purchased by him for personal consumption", what does it mean please provide me example, and generally cars are purchased for personal consumption only so whether no TCS provision applicable then?

2. Amendment is applicable from June 2016 so whether if any invoice generated in May, 2016 and amount in cash in June, 2016 then whether TCS is to be collected.

Even when invoice generated and part payment received in May, 2016 but some part in June, 2016; then whether TCS provision applicable , if yes on what amount?

3. For sale of car amount of TCS is to be collected at the time of receipt; or at the time of debit or receipt, whichever is earlier.

4. If car sold for Rs. 250000 and Rs. 50000 received in cash then TCS provision applicable under sub section 1D (i.e. goods sold of Rs. 200000 and above)

Please resolve my queries as soon as possible.

Thank You

Rupesh Jain

Rupesh Jain (Expert)

17 May 2016 tcs to collect when payment recd. not on the date of billing, its charges on collection of amount. tcs on car apply if value is exceeds rs. 10 lacs.

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