Article Compiles TCS Rates for F.Y. 2016-17 to 2018-19 under Section 206C of Income Tax Act, 1961 stating Nature of Payment, Threshold Amount, TCS Rate as applicable to Individual / HUF and others.
It Provides TCS Rate on Scrap, TCS Rate on Tendu Leaves, TCS Rate on Timber obtained under a forest lease or other mode, TCS Rate on Any other forest produce not being a timber or tendu leave, TCS Rate on Alcoholic Liquor for human consumption, TCS Rate on Parking Lot, toll plaza, mining and quarrying, TCS Rate on Minerals, being coal or lignite or iron ore (applicable from July 1, 2012), TCS Rate on Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs, TCS Rate on sale in cash of any goods (other than bullion/jewellery), TCS Rate on providing of any services (other than Ch-XVII-B) and TCS Rate on Motor Vehicle.
TCS Rates for Financial year 2016-17 to 2018-19
| Section | Nature of Payment | Thres-hold Amount | TCS Rates (%) | |||
| F. Y. 2016-17 to 2017-18 | F. Y. 2018-19
|
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| Individual / HUF | Other | Individual / HUF | Other
|
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| 206C | Scrap | – | 1 | 1 | 1 | 1 |
| 206C | Tendu Leaves | – | 5 | 5 | 5 | 5 |
| 206C | Timber obtained under a forest lease or other mode | – | 2.5 | 2.5 | 2.5 | 2.5 |
| 206C | Any other forest produce not being a timber or tendu leave | – | 2.5 | 2.5 | 2.5 | 2.5 |
| 206C | Alcoholic Liquor for human consumption | – | 1 | 1 | 1 | 1 |
| 206C | Parking Lot, toll plaza, mining and quarrying | – | 2 | 2 | 2 | 2 |
| 206C | Minerals, being coal or lignite or iron ore (applicable from July 1, 2012) | – | 1 | 1 | 1 | 1 |
| 206C | Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs | – | 1 | 1 | 1 | 1 |
| 206C | TCS on sale in cash of any goods (other than bullion/ jewellery) | 200000 | – | – | 1 | 1
|
| 206C | TCS on providing of any services (other than Ch-XVII-B) | 200000 | – | – | 1 | 1 |
| 206C | TCS on Motor Vehicle | 1000000 | – | – | 1 | 1 |
Note: if the purchaser or licensee is non – resident or foreign company the above rate shall be increased health and education cess and surcharge.
(Republished With Amendments)
From when the TCS rate is to be applied for F.Y ’16-’17 and to 18-19 ?