Article compiles Rate Chart Of TCS For Financial Year 2021‑22 Or For Assessment Year 2022-23. Compilation include amendment in TCS Rates wef 01.04.2021 as proposed by Union Budget 2021. Article Explains TCS Deposit Challan Code, Goods & Services liable to TCS and Rate of TCS Applicable. TCS Rate Chart is compiled by The Institute of Cost Accountants of India.
| SECTION 206C (1) | |||
| TCS Deposit Challan Code | Goods & Services liable to TCS | TCS Rate (%) | |
| 6CA | Alcoholic liquor for human consumption | 1 | |
| 6CB | Timber obtained under Forest lease | 2.5 | |
| 6CC | Timber obtained by any mode other than under a forest lease | 2.5 | |
| 6CD | Any other forest produce not being timber or tendu leaves | 2.5 | |
| 6CE | Scrap | 1 | |
| 6C1 | Tendu Leaves | 5 | |
| 6CJ | Minerals, being coal or lignite or iron ore | 1 | |
| 6CK | Bullion &Jewelry | Omitt. by Finance Act 2017 (w.e.f. 14-2017) | |
| SECTION 206C (IC) | |||
| 6CF | Parking Lot | 2 | |
| 6CG | Toll Plaza | 2 | |
| 6CH | Mining & Quarrying | 2 | |
| SECTION 206C (IF) | |||
| 6CL | Motor Vehicle (any mode of payment)
(Seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding 10 lakh Rupees) |
1 | |
| SECTION 206C (1E) | |||
| 6CM | Cash Sale of any goods (other than bullion/jewelry) | Omitt. by Finance A 1- Act 2017 (w.e.f.
4-2017) |
|
| 6CN | Providing any services (other than Ch-XV11-B) | Omitt. by Finance Act 2017 (w.e.f. 1- 4-2017) | |
| SECTION 206C (IG) | |||
| 6C0 | Overseas Tour Program Package
(Every person being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package) |
5
(TCS in case of |
|
| P | Remittance under LRS for education loan taken from financial institution mentioned under section 80E(Amount or aggregate of the amounts in excess of 7 lakh rupees remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education) | 0.50 | |
| 6CQ | Remittance under LRS (for purpose other than for purchase of overseas tour package or for education loan taken from financial institution mentioned under section 80E)(Person, being an authorised dealer, who receives an amount/aggregate of amounts exceeding 7 Lakh, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India) | 5
(TCS in case of |
|
| SECTION 206C (111) | |||
| 6CR | Sale of Goods
Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding 50 lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) Budget Update |
0. 1
(TCS in case of |
|
| In case of transaction on which TDS u/s.194Q is applicable w.e.f 01/07/2021, then TCS u/s.206C(1H) not applicable | |||
| SECTION 2O6CCA | |||
| Higher Rate of TCS for Non Filer of ITR
Proposed section 206CCA of the Act would apply on any sum or amount received by a person (herein referred to as collectee) from a specified person. The proposed TCS rate in this section is higher of the following rates – > twice the rate specified in the relevant provision of the Act; or > the rate of 5% |
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Source- https://icmai.in
RESPECTED SIR/MADAM,
PLEASE ELABORATE WHEN THE LIABILITY TO BE ARISE FOR DEDUCTION OF TCS ON SALE OF GOODS IN FY 21-22 I.E FROM BEGINNING OR DURING THE YEAR WHEN LIMIT CROSSES 50 LAKHS….
In case of transaction on which TDS u/s.194Q is applicable w.e.f 01/07/2021, then TCS u/s.206C(1H) not applicable
Need to check the applicable w.e.f 01/07/2021
YES.