Tag Archives: Section 206C

TCS -Tax Collected at Source -Complete Guide

By | October 18, 2016

TCS -Tax Collected at Source Table of Contents on TCS Sr No Contents 1.1 Who is responsible to collect tax at source under section 206C 1.2 Specified goods in Section 206C(1) 1.3 Who is a seller under Section 206C 1.4 Who is a buyer under Section 206C 1.5 Certain lessors/licensors are also covered 1.6  Cash… Read More »

TCS-Section 206C – Complete Guide

By | October 10, 2016

COLLECTION OF TAX AT SOURCE [SECTION 206C] Applicability of section  206C [Tax Collected at Source] For applicability of section 206C following conditions should be satisfied, namely :— The assessee is a ‘buyer’ of ‘specific goods’ in any sale, by way of auction, tender or any other mode; or, he is a lessee or licensee in relation… Read More »

Products generated out of ship breaking is not Scrap, Not liable for TCS u/s 206C

By | October 9, 2016

Held A perusal of the paragraph-6 of the above judgment, would indicate that certain items generated out of ship breaking activity might be known commercially as “scrap” but they are not waste and scrap. These items are re-usable as such, and therefore, would not fall within the definition of “scrap” as envisaged in the Explanation… Read More »

TCS on Cash Sale , CBDT issued 2nd Circular for Clarification

By | June 25, 2016

CBDT Circular No. 23/2016 F.No.370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, Dated 24 June 2016 Subject : Amendment in section 206C of the Income Tax Act vide Finance Act  2016 -Clarification regarding In order to curb the cash economy, Finance Act 2016 has… Read More »

TCS on sale of Motor Vehicle : CBDT clarify via FAQ

By | June 8, 2016

TCS on sale of Motor Vehicle Circular No 22/ 2016 F.No 370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direcl Taxes (TPL Division) Dated 8th, June 2016 Sub: Amendment in Section 206C vide Finance Act 2016 – Clarification s regarding Section 206C of the Income-tax Act, 1961 (hereafter referred to… Read More »

TCS on cash sale of goods or services > Rs 2 Lakh wef 1.6.16

By | May 17, 2016

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016

Section 206C(1F) TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016

By | May 17, 2016

TCS on Sale of motor Vehicle above Rs 10 Lakh TCS on Sale of motor Vehicle above Rs 10 Lakh as per newly inserted section 206c(1F) in Income Tax Act (India) Analysis of provision on TCS on Sale of motor Vehicle above Rs 10 Lakh :-  TCS on Sale of motor Vehicle above Rs 10 Lakh TCS… Read More »

TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh

By | March 4, 2016

Finance Bill 2016 Tax Collection at Source (TCS) on sale of vehicles; goods or services The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption,… Read More »

Section 206C Seller Need not take the Declaraton in Form 27C from buyer at moment of sales

By | October 16, 2015

Facts of the Case :- Assessing Officer opined that when it effected sale of wood pulp, assessee was obliged to collect tax at source under section 206C . He thus, concluded that assessee was in default for short collection within meaning of section 206C(6A) . HELD since as per section 206C(IB), obligation of assessee to… Read More »