[Section 206C]- TCS on Profit and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, etc.

 

Table of Contents

·         (A) Seller to Collect Tax from buyer in respect of Sale of certain Specified Goods

o    (1)   [Section 206C (1)] – Tax to be collected at the lime of debiting / receipt of the amount from buyer

§  No surcharge or health and education cess shall be added to the above rates. hence, tax will be collected at source at the basic rate

§  [Section 206C(1A) & Rule 37C]- Self-declaration by buyer if relevant goods are purchased for manufacturing or producing any articles or things

§  [Section 206C(1B)]- Declaration furnished under section 206C(1A) to be delivered to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner

o    (2) [Section 206C(1F)]- TCS on sale of motor vehicle exceeding the value of Rs. 10,00,000

§   “Seller” means:

§  “Buyer” means:

o    (3)   [Section 206C(1H)]- TCS from buyer on receipt of any amount as consideration for sale of any goods of the value or aggregate of such value exceeding Rs. 50 Lakhs

·         (B) [Section 206C(1C)]- Tax to be collected at source in case of Parking Lot, Toll Plaza or Mining and Quarrying

 


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