Exemption limit for tcs

Others 1425 views 3 replies

Reshmi Nair

15 Points Joined March 2016

In TDS deduction there are exemption limits, for example Payments to contracts attract TDS only when it exceeds 30000/-

Likewise,

I Want to know , wheather any exemption limit is applicable for collecting TCS.??

A detailed reply is appreciated if this is exists.

Replies (3)

Guest

There are no such threshold limits in TCS except the following

206C Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs or jewellery if consideration exceeds Rs. 5 Lakhs (and any amount is received in cash) (applicable from July 1, 2012)

Reshmi Nair

15 Points Joined March 2016

Thank you very much sir, Could you please simplify it or

Can you please direct me a notification,or article regarding that

Guest

TCS Rates
206C	Scrap	–	1%
206C	Tendu Leaves	–	5%
206C	Timber obtained under a forest lease or other mode	–	2.50%
206C	Any other forest produce not being a Timber or tendu leave	–	2.50%
206C	Alcoholic Liquor for Human Consumption	–	1%
206C	Packing lot, toll plaza, mining & quarrying	–	2%
206C	Purchase of Bullion/ Jewellery in cash	Rs. 2 Lacs per transaction (Bullion)Rs. 5 Lacs per transaction (Jewellery)	1%
206C	Purchase of coal lignite, Iron ore by a trader	–	1