Tag Archives: Section 206C

TCS -Tax Collected at Source -Complete Guide

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 »

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

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 sale of Motor Vehicle : CBDT clarify via FAQ

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 »