TCS on gold

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361 Points Posted on 24 July 2020
wat is applicability of TCS on gold
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On 24 July 2020 at 12:32 Report
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This discussion clarifies the applicability of Tax Collected at Source (TCS) on gold jewellery. According to Section 206C of the Income Tax Act 1961, a 1% TCS rate is applied to bullion purchases exceeding £2 lakhs and jewellery purchases exceeding £5 lakhs.

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7 Points Posted on 24 July 2020
Jewellery in excess of 5 lacs....TCS rate is 1percent
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On 24 July 2020 at 12:41
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23693 Points Posted on 24 July 2020
As per the Provision of Section 206C of the Income Tax Act 1961, TCS @ 1% is levied on Bullion that exceeds over Rs. 2 lakhs/ Jewellery that exceeds over Rs. 5 lakhs.
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On 24 July 2020 at 13:16

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