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What is TCS rate for the month of March

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Meena Teli

95 Points Posted on 17 May 2020

What is TCS rate for the month of March

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Quick Summary

The TCS rates for March remain unchanged. Reductions to TCS rates were implemented from May 14, 2020, and these adjusted rates are still in effect for March. The provided chart details the specific TCS rates for various goods and services, including tendu leaves, timber, scrap, minerals, vehicle sales, and other goods, with a distinction between pre- and post-May 14, 2020, rates.

Aashok Kumar Sharma

Finance/Compliance Consultant

69650 Points Posted on 17 May 2020

TCS Rate Chart for FY 2020-21 Pre & Post 14th May 2020

S. No	Section of the Income-tax Act	Nature of Receipts	Existing Rate of TCS	Reduced rate from 14/05/2020 to 31/03/2021
1	206C(1)	Sale of
		(a) Tendu Leaves	5%	3.75%
		(b)Timber obtained under a forest lease	2.5%	1.875%
		(c) timber obtained by any other mode	2.5%	1.875%
		(d) Any other forest produce not being timber/tendu leaves	2.5%	1.875%
		(e) scrap	1%	0.75%
		(f) Minerals, being coal or lignite or iron ore	1%	0.75%
2	206C(1C)	Grant of license, lease, etc. of (a) Parking lot	2%	1.5%
		(b) Toll Plaza	2%	1.5%
		(c) Mining and quarrying	2%	1.5%
3	206C(1F)	Sale of motor vehicle above 10 lakhs	1%	0.75%
4	206C(1H)	Sale of any other goods	0.1% (w.e.f 01.10.2020)	0.075%