Tcs

Dear, TCS will be collected on whole amount of transection. Moreover TCS is not applicable on jwels.For more details visit following link:

https://www.simpletaxindia.net/2008/12/tax-collection-at-sourcetcs-provisions.html

nothing will be collected in regards TCS because consideration  paid in cash is not more than  Rs 500000.00

Dear Nirav,

Plz follow the below mentioned link..

https://www.simpletaxindia.net/2012/03/changes-in-tcs-tax-collection-at-source.html

TCS is applicable on jewellery and bullion

Thanx

Dear Parihar,

Thanx for replying...but i would like you to concentrate on a below mentioned statement 

It has been been written that the seller of bullion and jewellery shall, at the time of receipt of such amount in cash, collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery, if sale consideration exceeds two lakh rupees.

What does such amount of cash means..??
 

dear Deapk,

cash means , amount received in cash like u/s 40 A(3) Cash payment Exceeding Rs 20000.00, second thing the FM has roll back the the TCS proposed in 2012 Budget for purchse of Jewellrey in cash for Exceeding Rs 200000. & now the limit is upto rs 500000.00 

Parihar,

Is the limit of Rs. 5 Lakhs for both sale of Jewellery and bullion

yes sir in both case it is Rs 500000.00

Thank you Parihar..

It means when cash sales of jewellery / bullion exceeds Rs. 5 Lakhs then only TCS will be attracted.

No.in case of cash sale of jewellery only the limit is Rs. 5 lakh.

In case of bullion it is same as earlier.i.e Rs.2 Lakh

thank you M. Varalakshmi..

Can you advice me something against my query..

sorry deepak ,

  m varalaksmi is right roll of tcs on in Jewellary  only not in bullion

Does anyone khow the provisions for period of limitation for issue of show cause notice 206 for issue of TCS ?? Please answer along with source of it...........................................