TCS Rate Chart For Assessment year 2020-21 and Assessment year 2021-22 Section Particulars TCS Rates (in %) (AY 2020-21) ...
TCS Rate Chart For Assessment year 2020-21 and Assessment year 2021-22
Section
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Particulars
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TCS Rates (in %) (AY 2020-21)
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TCS Rates (in %) (AY 2021-22)
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206C(1)
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Sale of the following:
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a) Alcoholic Liquor for Human Consumption
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1%
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1%
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b) Tendu leaves
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5%
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5%
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c) Timber obtained under a forest lease
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2.5%
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2.5%
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d) Timber obtained by any mode other than under a forest lease
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2.5%
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2.5%
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e) Any other forest produce not being timber or tendu leaves
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2.5%
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2.5%
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f) Scrap
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1%
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1%
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g) Minerals, being coal or lignite or iron ore
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1%
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1%
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206C(1C)
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Grant of lease or license of the following:
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a) Parking lot
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2%
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2%
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b) Toll Plaza
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2%
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2%
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c) Mining and quarrying (Other than mining and quarrying of mineral oil, petroleum and natural gas)
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2%
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2%
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206C(1F)
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Sale of the motor vehicle of the value exceeding Rs. 10 lakh whether payment is received by cheque or by any other mode
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1%
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1%
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206C(1G)(a)
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TCS on foreign remittance through Liberalised Remittance Scheme (LRS)
(This Section is inserted by Finance Act, 2020 which is proposed to be applicable from 01/04/2020)
(Please refer Note 1 for in depth explanation of this new section)
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NA
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5%
(10% for non PAN or Aadhaar cases)
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206C(1G)(b)
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TCS on selling of overseas tour package
(This Section is inserted by Finance Act, 2020 which is proposed to be applicable from 01/04/2020)
(Please refer Note 2 for in depth explanation of this new section)
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NA
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5%
(10% for non PAN or Aadhaar cases)
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206C(1H)
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TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)]
(This Section is inserted by Finance Act, 2020 which is proposed to be applicable from 01/04/2020)
(Please refer Note 3 for in depth explanation of this new section)
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NA
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0.1%
(1% for non PAN or Aadhaar cases)
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Notes:
1. Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS)
· An authorised dealer receiving an amount or an aggregate of amounts of seven lakh rupees or more in a financial year for remittance out of India under the LRS of RBI, shall be liable to collect TCS, if he receives sum in excess of said amount from a buyer being a person remitting such amount out of India, at the rate of five per cent.
· In non-PAN/Aadhaar cases the rate shall be ten per cent.
· This section will not be applicable in following cases:
o If the buyer is liable to deduct TDS under any other provisions and has deducted
o If a buyer is CG, SG, an embassy, a high commission, a legation, a commission, a consulate, the trade representation of a foreign state, a local authority or any other person as notified by CG
· “authorised dealer” is proposed to be defined to mean a person authorised by the Reserve Bank of India under sub-section (1) of section 10 of Foreign Exchange Management Act, 1999 to deal in foreign exchange or foreign security.
2. Section 206C(1G)(b) – TCS on selling of overseas tour package
· A seller of an overseas tour program package who receives any amount from any buyer, being a person who purchases such package, shall be liable to collect TCS at the rate of five per cent.
· In non-PAN/ Aadhaar cases the rate shall be ten per cent.
· There is no monetary limit for this transaction, irrespective of any amount TCS must be collected by seller of that package
· This section will not be applicable in following cases:
o If the buyer is liable to deduct TDS under any other provisions and has deducted
o If a buyer is CG, SG, an embassy, a high commission, a legation, a commission, a consulate, the trade representation of a foreign state, a local authority or any other person as notified by CG
· “Overseas tour program package” is proposed to be defined to mean any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expense of similar nature or in relation thereto.
3. Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)]
· A seller of goods is liable to collect TCS at the rate of 0.1 per cent on consideration received from a buyer in a previous year in excess of fifty lakh rupees.
· In non-PAN/ Aadhaar cases the rate shall be one per cent.
· Only those sellers whose total sales, gross receipts or turnover from the business carried on by it exceed ten crore rupees during the financial year immediately preceding the financial year, shall be liable to collect such TCS.
· Central Government may notify person, subject to conditions contained in such notification, who shall not be liable to collect such TCS.
· No TCS is to be collected from the Central Government, a State Government and an embassy, a High Commission, legation, commission, consulate, the trade representation of a foreign State, a local authority as defined in Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to conditions as prescribed in such notification.
· No such TCS is to be collected, if the seller is liable to collect TCS under other provision of section 206C such as Section 206C (1), 206C (1F) and 206C (1G) or the buyer is liable to deduct TDS under any provision of the Act and has deducted such amount.
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