Defaults for TCS Rate for Collection Code 206CH

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1238 Points Posted on 20 July 2021
Dear Friends,

We were collect 1%TCS against selling of Lignite and same has been paid and filed for Q1 FY 21-22. Now, we received Defaults Notice against Short Deductions. In Justification Report they mentioned 2% TCS Rates as per Act. Anyone can help me in this regard.
Q4, we collected and paid 1% only and didn't receive defaults.
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On 20 July 2021 at 13:02 Report
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Quick Summary
A user is seeking clarification regarding a default notice for short deductions on TCS collected against the sale of Lignite. They had applied a 1% TCS rate, which they believe is correct, but the authorities have cited a 2% rate. The user is looking for guidance on how to justify their 1% collection and payment, especially since they did not receive a default notice for a previous quarter with the same rate.

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150 Points Posted on 20 July 2021
Rate of tcs is correct i.e 1%
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On 20 July 2021 at 14:36
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Chartered Accountant
24588 Points Posted on 25 July 2021
No TCS rate will be 1%
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On 25 July 2021 at 09:01

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