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Section 206C(1F) of the Income Tax Act, 1961, relates to Tax Collection at Source (TCS) on certain items. The following items come under Section 206C(1F): 1. *Motor Vehicle*: Sale of motor vehicles exceeding ₹10 lakhs. 2. *Scrips*: Transfer of scrips (e.g., shares, bonds, debentures) exceeding ₹5 lakhs. 3. *Foreign Currency*: Remittance of foreign currency exceeding ₹7 lakhs. 4. *Payment for Bulletin/Art/Antiques*: Payment for any bulletin, art, antique, or collectible exceeding ₹5 lakhs. 5. *Payment for Goods/Services*: Payment for any goods or services exceeding ₹2 lakhs. These items are subject to TCS at specified rates, and the seller/collector must collect tax at source and deposit it with the government.
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