TCS Rate Chart w.e.f 01.06.2016

By | June 20, 2016

TCS Rate Chart

Tax Collected at Source 

TCS Rate Chart as per section 206C,

Tax has to be collected at source in the following case

A) Nature of Goods  :- TCS Rate
Alcoholic Liquor for human consumption 1 %
Tendu leaves 5%
Timber obtained under a forest lease 2.5 %
Timber obtained by any mode other than under a forest lease 2.5 %
Any other forest produce not being timber or tendu leaves 2.5 %
Scrap 1 %
Minerals, being coal or lignite or iron ore 1 %
B) Nature of contract or licence or lease, etc. :-
Parking lot 2 %
Toll plaza 2 %
Mining and quarrying 2 %
C) In case of Seller  :-
who receives any amount in cash as consideration for sale of bullion exceeding Rs 2 Lakh 1 %
who receives any amount in cash as consideration for sale of jewellery exceeding Rs 5 Lakh 1 %
w.e.f 01.06.2016  who receives any amount in cash as consideration for sale of any other goods (other than bullion or jewellery) or providing any service exceeding Rs 2 Lakh if  TDS provision not applicable 1 %
who receives any amount (by Cheque of any other mode )as consideration for sale of a motor vehicle of the value exceeding Rs 10  Lakh 1 %

Note : “mining and quarrying” shall not include mining and quarrying of mineral oil. “mineral oil” includes petroleum and natural gas

When TCS has to be Collected as per above TCS Rate Chart

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TCS has to be collected

-In the Case of A and B of above Table : at the time of debiting of the amount payable to the buyer or at the time of receipt of payment, whichever is earlier.

-In the case of C of above Table at the time of receipt of such amount .

When TCS collected has to be paid to the Government as per above TCS Rate Chart

TCS collected has to be paid on or before seven days from the end of the month in which the collection is made. For example  : if the TCS collection has been made on 8th June 2016 than It has to be paid tp Government on or before 7th July 2016

When TCS Return has to be filed after deduction of TCS as per above TCS Rate Chart

The seller\ contractor i e. deductor has to file a quarterly return in form 27EQ and in Form 27A n or before following Due Date:

Quarter Due Dates for filing TCS Return
April to June 15th July
July to September 15th October
October to December 15th January
January to March 15th May

When TCS Certificates has to be issued after filing TCS return and deduction of TCS as per above TCS Rate Chart

The seller\ contractor i e. deductor has to issue the TCS certificate to Deductee in Form 27D on or before following Due Date:

Quarter Due Dates for issuing TCS Certificate
April to June 30th July
July to September 30th October
October to December 30th January
January to March 30th May

 

Seller Meaning for the Purpose of above TCS Rate Chart:-

“seller” means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) or sub-section (1D) are sold or services referred to in sub-section (1D) are provided 

jewellery meaning for the Purpose of above TCS Rate Chart:-

“jewellery” shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2

Scrap meaning for the Purpose of above TCS Rate Chart:-

“scrap” means  waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;

Buyer meaning for the Purpose of above TCS Rate Chart:-

(i) for Section 206C(1) .e As per  A and B of above Table :- Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub section(1) or right to receive any goods but does not include

1. Public sector company, Central Government/State Government, Embassy, a High commission, legation, consulate and the trade representation of a foreign state and a Club ;

2. A buyer in the retail sale of such goods purchased for personal consumption .

(ii). sub section (1D) or Sub Section (1F) of Section 206C  i.e for C of above Table:– means a person who obtains in any sale, goods of the nature specified in the said sub section;

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