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Tcs applacablity

TRINATH (Accounts) (919 Points)

13 August 2016

Whether TCS at the rate of 1 % is applicability on sale of agriculture products. purchase from farmers like paddy, maize ect

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 13 August 2016

There is no exemption to farmer's yet. So, Section 206C applies in this case also, the individual farmer or Hindu undivided family who is liable to audit as per provisions of section 44AB during the financial year immediately preceding the financial year in which the goods are sold or the services arc provided.

So this provision will not be applicable for most of individual farmers, as they would not be liable to Tax Audit.