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Article contains TCS Rates for F.Y 2022-2023 (AY 2023-24) under Section 206C of Income Tax Act, 1961. Article explains TCS Rate on Alcoholic Liquor for human consumption, Timber obtained under a forest lease or by any other mode, Any other forest produce not being a timber or tendu leave, Scrap, Grant of license, lease, etc. of Parking lot, Grant of license, lease, etc. of Toll Plaza, Grant of Mining and quarrying, Tendu Leaves, Minerals, being coal or lignite or iron ore (Applicable from F.Y. 2012-13 onwards), TCS on Motor Vehicle (Applicable from F.Y. 2016-17 onwards), TCS on remittance under LRS for purchase of overseas tour program package (Applicable from F.Y. 2020-21 onwards), TCS on remittance under LRS for educational loan taken from financial institution mentioned in section 80E (Applicable from F.Y. 2020-21 onwards), TCS on remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution (Applicable from F.Y. 2020-21 onwards) and TCS on sale of goods (Applicable from F.Y. 2020-21 onwards)

TCS Rates for F.Y 2022-2023 (A.Y. 2023-24)

Section

Collection Code Nature of Payment Threshold Amount TCS Rates (%)
F. Y. 2022 to 2023
Individual / HUF Other
206C A Alcoholic Liquor for human consumption 1 1
206C B Timber obtained under a forest lease 2.5 2.5
206C C Timber obtained by any other mode 2.5 2.5
206C D Any other forest produce not being a timber or tendu leave 2.5 2.5
206C E Scrap 1 1
206C F Grant of license, lease, etc. of Parking lot 2 2
206C G Grant of license, lease, etc. of Toll Plaza 2 2
206C H Grant of Mining and quarrying 2 2
206C I Tendu Leaves 5 5
206C J Minerals, being coal or lignite or iron ore (Applicable from F.Y. 2012-13 onwards) 1 1
206C K TCS on sale of Bullion (Applicable from F.Y. 2012-13 to 2016-17) In Excess of Rs. 200000 1 1
206C L TCS on Motor Vehicle (Applicable from F.Y. 2016-17 onwards) In Excess of Rs. 1000000 1 1
206C M TCS on sale in cash of any goods (other than bullion/jewellary)

(Applicable for F.Y. 2016-17 )

In Excess of Rs. 200000 1 1
206C N TCS on providing of any services (other than Ch-XVII-B) (Applicable for F.Y. 2016-17) In Excess of Rs. 200000 1 1
206C O TCS on remittance under LRS for purchase of overseas tour program package (Applicable from F.Y. 2020-21 onwards) 5 5
206C P TCS on remittance under LRS for educational loan taken from financial institution mentioned in section 80E (Applicable from F.Y. 2020-21 onwards) 0.5 0.5
206C Q TCS on remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution (Applicable from F.Y. 2020-21 onwards) In Excess of Rs. 700000 5 5
206C R TCS on sale of goods (Applicable from F.Y. 2020-21 onwards) 0.1 0.1

Notes

1

206CC Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, any person paying any sum or amount, on which tax is collectible at source under Chapter XVII-BB (herein referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:-

(i) at twice the rate specified in the relevant provision of this Act; or

(ii) at the rate of five per cent.

The provisions of this section shall not apply to a non-resident who does not have permanent establishment in India.

2 206CCA Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, where tax is required to be collected at source under the provisions of Chapter XVII-BB, on any sum or amount received by a person (hereafter referred to as collectee) from a specified person, the tax shall be collected at the higher of the following two rates, namely:-

(i) at twice the rate specified in the relevant provision of the Act; or

(ii) at the rate of five per cent.

If the provisions of section 206CC is applicable to a specified person, in addition to the provisions of this section, the tax shall be collected at higher of the two rates provided in this section and in section 206CC.

For the purposes of this section “specified person” means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be collected, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years:

Provided that the specified person shall not include a non resident who does not have a permanent establishment in India.

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