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Section 206C

Latest Articles


Key TDS Changes Effective from 1st October, 2024

Income Tax : Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about...

September 27, 2024 41628 Views 1 comment Print

Interplay of section 194Q with section 206C(1H)

Income Tax : Understand the interplay between Section 194Q and Section 206C(1H) of the IT Act, detailing TDS and TCS obligations on high-value ...

May 24, 2024 6270 Views 0 comment Print

TDS on Purchase of Goods & TCS on Sale of Goods: Applicability & Rates

Income Tax : Understand TDS on Purchase of Goods (Section 194Q) and TCS on Sale of Goods (Section 206C(1H)). Learn their applicability, rates, ...

May 21, 2024 2757 Views 0 comment Print

TDS and TCS on Purchase/Sell of Goods

Income Tax : Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with ...

February 21, 2024 19533 Views 2 comments Print

Section 206C of the Income Tax Act, 1961

Income Tax : Explore the transformative impact of Section 206C (1H) in the Income Tax Act, 1961, regulating Tax Collected at Source (TCS) on go...

November 28, 2023 14532 Views 0 comment Print


Latest News


Budget 2024: Extended Lower TDS Deduction/ TCS Collection Scope

Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...

July 26, 2024 3072 Views 0 comment Print

Interest Rate for Late TCS Payments Increased to 1.5%

Income Tax : Finance Bill 2024 increases interest on late TCS payments to 1.5% from April 2025, aligning with TDS rates and improving tax compl...

July 25, 2024 1371 Views 0 comment Print

TCS & TDS on Buying and Selling of Bullion & Jewellery

Income Tax : Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, ...

July 8, 2021 102921 Views 1 comment Print


Latest Judiciary


Delayed TCS Form 27C Submissions Valid Due to No Strict Timeline

Income Tax : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...

November 8, 2024 84 Views 0 comment Print

TCS not applicable on liquor vendors who bought vending rights on auction: Supreme Court

Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...

July 26, 2024 321 Views 0 comment Print

ITAT Upholds Section 56(2) Addition for Property Purchase Without Consideration

Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...

July 18, 2024 576 Views 0 comment Print

Assessment void if section 143(2) jurisdictional notice was issued beyond prescribed time limit

Income Tax : Read about the case of Aark Infosoft Pvt. Ltd. vs. ACIT (ITAT Ahmedabad) where the assessment was deemed void due to a delayed Sec...

April 18, 2024 4467 Views 0 comment Print

Opening Liquor Bottles Not ‘Scrap’ under Section 206C of Income Tax Act: Madras HC

Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...

January 2, 2024 1440 Views 0 comment Print


Latest Notifications


Income Tax Notification No. 115/2024: No TCS on RBI Payments

Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...

October 16, 2024 918 Views 0 comment Print

Domestic tour operator not required to collect TCS on sale of overseas tour package to non-resident individuals visiting India

Income Tax : Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, ...

March 30, 2022 3417 Views 0 comment Print

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Income Tax : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the I...

November 25, 2021 24759 Views 0 comment Print

No section 206C(1H) TCS on transfer of goods by Air India to holding company

Income Tax : Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purp...

September 10, 2021 1038 Views 0 comment Print


TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021)

August 14, 2021 29154 Views 0 comment Print

TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021) Article covers Section 194Q- TDS on Purchase of Goods. ( Clarifying Guideline ), Section 206C(1H) – TCS on sale of Goods, Section 206AB/206CCA – Higher TDS/TCS Rate For Non Filer of Income Tax Return and Section 194O – TDS on Payments Made […]

Interplay analysis of Section 194Q & 206C(1H) of Income Tax Act, 1961

August 8, 2021 5238 Views 1 comment Print

This article provides easy analysis of section 194Q-TDS on Purchase of Goods and Section 206C(1H)-TCS on sale of goods. The article also covers the latest CBDT clarifications on section 194Q and 206C(1H) of the Act. finance Act 2020 had amended section 206C of the Income-tax act 1961 by inserting a new subsection (1H) which says […]

Demystifying Section 206C(1H) And Section 194Q

July 29, 2021 11151 Views 0 comment Print

TCS ON SALE OF GOODS UNDER SECTION-206C(1H): The Finance Act,2020 had inserted a new section 206C(1H) with effect from 1st October 2020.It applies to any seller who receives any consideration for sale of any goods of the value exceeding rupees fifty lakhs in any previous year. The seller shall collect from the buyer, a sum […]

Interplay of Section 194O, Section 194Q & Section 206C(1H)

July 23, 2021 12141 Views 0 comment Print

Circular No.13 dated 30th June 2021 issued by Central Board of Direct Taxes gave the Guidelines under Section 194Q of Income Tax Act, 1961. The CBDT Circular also covers the linkage between Sections 194Q, 194-O and 206C(1H). 194-O is tax deduction at source by ecommerce operator, the rate is 1.0% and it has come into […]

Analysis of Section 194Q & Section 206C(1H) of Income Tax Act, 1961

July 22, 2021 2751 Views 1 comment Print

Analysis of Section 194Q and Section 206C(1H) of Income Tax Act, 1961 In Budget’2021 our honorable Finance Minister introduced Section 194Q, requiring deduction of TDS on purchase of Goods (w.e.f. 01st July, 2021). For the very first time in India such kind of section has been introduced under Direct Tax Law. The Section has been […]

TCS under Section 206C(1H) & Higher TCS Rate under Section 206CCA

July 19, 2021 67902 Views 0 comment Print

TCS under Section 206C(1H) and Imposing Higher Rate of TCS under Section 206CCA As we know there are provisions which provides for collection of tax at source for certain specified category of goods however there was no provision of tax collection at source for sale of goods in general. Now with the intent to establish […]

PPT on Section 194Q and Section 206C(1H)

July 18, 2021 10089 Views 0 comment Print

A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]

Problems Still Exist in 194Q & 206C(1H) & Suggestions to Streamline

July 16, 2021 3174 Views 1 comment Print

Recent CBDT circular on Section 206C(1H) and Section 194Q has created  more confusion. There are still anomalies. I have tried to collect all Problems related to drafting of these sections & Problems related to implementing Section 206C(1H) & Section 194Q. Also check suggestions. I have suggested 3 measures which can streamline section 194Q and section […]

Section 203A Tax Deduction And Collection Account Number

July 12, 2021 8511 Views 1 comment Print

Tax Deduction And Collection Account Number under Section 203A of Income Tax Act, 1961 ♦ Every person, deducting tax or collecting tax, who has not been allotted a tax deduction account number or, as the case may be, a tax collection account number, shall, within one month from the end of the month in which […]

 TCS (Tax Collected at Source) on sale of Goods w.e.f 01.10.2020

July 12, 2021 6876 Views 0 comment Print

 TCS (Tax Collected at Source) On sale of Goods- New Income Tax Compliance w.e.f 01.10.2020. With a view to widen the tax-net, the Indian government has extended the scope of Tax Collected at Source (“TCS”). The Government of India has added a new sub section (1H) in the section 206C which would be called as […]

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