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(1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax: Provided that if the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the provisions of clause (ii) of sub-section (1) of section 206CC shall be read as if for the words "five per cent", the words "one per cent" had been substituted:
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TCS to be deducted
from Purchaser:- To whom sold goods above 50 Lakh in ANY PREV Years On amount exceed 50 Lakh At the rate 0.1% (Rs. 100 on 1 lakh) from PAN /Aadhar holder At the rate 1% from non PAN/Aadhar Holder |
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Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.
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On sale of Scrap If deduction is made: no further TCS to be deducted If provided form 27C TCS to be deducted under this sub section { 1H 0.1% Instead of 1% (U.s 206C(1) wef 1.7.2021 when provision of section 194Q applicable i.e on TDS on purchase of goods |
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Explanation.—For the purposes of this sub-section,— (a) "buyer" means a person who purchases any goods, but does not include,— (A) the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or (B) a local authority as defined in the Explanation to clause (20) of section 10; or (C) a person importing goods into India or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein;
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No TCS From Govt Local authority etc |
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(b) "seller" means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the sale of goods is carried out, not being a person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein.
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TCS to be Deducted by Seller Whose sale during last year exceed 10 crore |
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[(10A) In case the provisions of sub-section (1) [except the goods referred at serial number (i) in the TABLE], (1C), (1F) or (1H) require collection of tax at source during the period commencing from the 14th day of May, 2020 to the 31st day of March, 2021, then, notwithstanding anything contained in these sub-sections the collection of tax shall be made at the rate being the three-fourth of the rate specified in these sub-sections.]
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TCS At the rate 0.075% RS 75 on 1 Lakh upto 31/3/2021 |
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