Hello Everyone. In this post, we will take a look at the TCS rates on specific goods under various categories.
The latest amendment in TCS Rates for FY 2021-22 as proposed by Union Budget 2021 on 01.04.2021.
List of TCS rates under Section 206C
The TCS rates for goods specified under Section 206C of the Income Tax Act is as follows:
| Deposit Challan Code | TCS Section | Description | TCS Rate |
|---|---|---|---|
| 6CA | 206C(1) | Alcoholic Liquor for Human Consumption | 1% |
| 6CB | 206C(1) | Timber obtained under a forest lease | 2.50% |
| 6CC | 206C(1) | Timber obtained by any mode (other than under a forest lease) | 2.50% |
| 6CD | 206C(1) | Any other forest produces (not timber or tendu leaves) | 2.50% |
| 6CE | 206C(1) | Scrap | 1% |
| 6CF | 206C(1C) | Parking Lot | 2% |
| 6CG | 206C(1C) | Toll Plaza | 2% |
| 6CH | 206C(1C) | Mining & Quarrying | 2% |
| 6CI | 206C(1) | tendu leaves | 5% |
| 6CJ | 206C(1) | Minerals, being coal or lignite or iron ore | 1% |
| 6CK | 206C(1D) | Bullion & Jewellery | Omitted by Finance Act 2017 |
| 6CL | 206C(1F) | Motor Vehicle (any mode of payment) if value exceeding 10 lakh |
1% |
| 6CM | 206C(1E) | Cash Sale of any goods (other than bullion/jewellery) | Omitted by Finance Act 2017 |
| 6CN | 206C(1E) | Providing any services | Omitted by Finance Act 2017 |
| 6CO | 206C(1G) | Overseas Tour Program Package
The seller who receives any amount from a buyer of the package |
5%
TCS for Non-Furnishing of PAN/Aadhaar: 10% |
| 6CP | 206C(1G) | Remittance under LRS for education loan taken from financial institution mentioned under Section 80E
If the buyer’s remitted amount or aggregate is above 7 lakh in an FY. |
0.50% |
| 6CQ | 206C(1G) | Remittance under LRS (other than overseas tour package purchase or for education loan from financial institution mentioned under Section 80E).
Authorised dealer who get amount/aggregate over 7 Lakh from a buyer out of India. |
5%
TCS for Non-Furnishing of PAN/Aadhaar:10% |
| 6CR | 206C(1H) | Sale of Goods The seller who get the amount for the sale of any goods of the value or aggregate over 50 lakh in any previous year(other than the exported goods outside India or goods as in sub-section (1) or sub-section (1F) or sub-section (1G)) |
0.10%
TCS for Non-Furnishing of PAN/Aadhaar:1% |
Note:
- If the purchaser/licensee is a non-resident or foreign company, there is an increase in the TCS tax rates as health and education cess and surcharge will be added to it.
- The transaction on which TDS under Section 194Q is applicable then TCS under Section 206C(1H) is not applicable.
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