i.e During the previous financial year Turnover > 10 Crores then Sec 206C(1H) is applicable for current year.
Time of Deduction: at the time of receipt of such amount, collect from the buyer.
Rate of Tax (TCS): a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax.
if the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then rate of tax is one per cent (1%)
Not Applicable To:
(i) goods being exported out of India or
(ii) goods covered in sub-section (1) or sub-section (1F) or sub-section (1G)
(iii) if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.
(iv) “Buyer” means a person who purchases any goods, but does not include,
(A) the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or
(B) a local authority as defined in the Explanation to clause (20) of section 10; or
(C) a person importing goods into India or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein;
TCS Payment and Return
|Quarter||Quarterly Return- Due Date (Return 27EQ)||TCS Certificate (Form 27D)|
|Apr-June||15 July||30 July|
|July- Sep||15 Oct||30 October|
|Oct- Dec||15 January||30 January|
|Jan- Mar||15 May||30 May|