Is a proprietor not having Tax Audit u/s 44AB of IT Act,1961 is liable to collect TCS on sale of coal for trading purpose?
Rakesh Budhia (Audit Assistant) (39 Points)
22 November 2013
sreekanth.ca
(CA Job)
(39 Points)
Replied 28 November 2013
No, As per section 206C, TCS (Tax Collection at Source) is Applicable for Individual ,Only who are Liable for Tax Audit under Section 44AB of Income Tax Act.
Since in your case, The Individual is Not Liable for Tax Audit, No TCS Collection is Required.
You can Get all the Information on TCS In the below Page
Link: https://www.exploreincometax.com/Income-tax-Ready-Reckoners/tcs-rates-tcs-compliances
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