Section 206C (1F) of Income Tax Act
Section 206C (1F) of Income Tax Act :-
(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.
Explanation :-
(aa) buyer” with respect to sub-section (1D) or sub-section (1F) means a person who obtains in any sale, goods of the nature specified in the said sub-section;
(c) “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.
Related Post
- TCS on sale of Motor Vehicle : CBDT clarify via FAQ
- TCS on cash sale of goods or services > Rs 2 Lakh wef 1.6.16
- TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016
- Section 206c(1d) of Income Tax act
- e-TDS / TCS returns through e-filing portal https://incometaxindiaefiling.gov.in
- TCS Penalty as per Income tax Act
- TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh
- Penalty deleted as the Assessee was not aware of TCS provisions
- TCS on sale of Imported Timber
- TCS Govt A/c : Revised time and mode of Payment
- TDS Rates and Limit revised w.e.f 01.06.2016
- TDS Statement Upload Online -Procedure
- TDS on Commission paid to agent for rendering services abroad
- No TDS on sum paid for services rendered outside india
- NO TDS on VSAT /lease line charges paid to NSE/BSE
- No tds on sale of agricultural land
- NO TDS on Service tax
- Not liable to Deduct TDS in case amendment with retrospective effect
- TDS can not be demanded from deductor if taxes paid by deductee : SC
- No TDS on leasehold rights payment for long period say 99 years
- Employer not liable to deduct TDS @ 20% for non furnishing of PAN by Employees
- No TDS on payment of transmission charges u/s 194J
- Payer not Liable to Deduct TDS if Payee income is exempt
- No TDS on Rent if declaration in 15G/15H w.e.f 01.06.2016
- No TDS on Service Tax Component of Rent
- No TDS on Provision of Interest u/s194A if provision reversed
- No TDs on interest on FDR made on direction of Courts :CBDT
- No TDS on Reimbursement Expenses if separate bills raised
- No TDS on Interest on FCCB issued to foreign investors and utilized for verseas business
- NO TDS liability under Section 195 if Book entry passed reversed Subsequently
- No TDS Under Secction 194LA as Land Acquired by Mutual negotiation and not compulsory acquisition
- No TDS under section 194LA if land owners surrendered their land to municipal corporation for under development right certificates scheme
- No TDS on Compensation paid to evacuate slum dwellers
- No TDS on purchase of negative rights of films
- Section 194I No TDS on Lease payment for allotment of plot for 80 years
- Purchase of software is not payment for royalty, not liable to TDS
- TDS on Purchase of Property : FAQ’s
- Assessee not to be called for TDS deducted but not Deposited by Deductor : CBDT
- Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193
- Sum paid for internet connection not liable for TDS under section 194J
- Additional amount Paid to Purchaser on cancellation of Flat is not interest under section 2(28A) hence No TDS
- Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax
- CBDT clarify TDS issues on payments made by Television channels, Broadcasters and Newspapers
- TDS on Payment to Contractor : section 194C
- TDS Rates and Limit revised w.e.f 01.06.2016
- TDS on Payment to harvester / transporter of Sugarcane from Farmers field
- Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C
- Even in case of oral contract with transporters TDS is liable to be deducted u/s 194C
- Purchases made after payment of excise duty and availment of credit can not be held as job work, no TDS under section 194C
- TDS on Provision for Expenses
- Section 194C payments to newspaper publishers
- No TDS on Reimbursement Expenses if separate bills raised
- All About 26AS (TDS, Refund , AIR information )
- 40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty
- section 40(a)(i) No TDS Disallowance if Expenses Capitalised
- section 40(a)(ia) Payer not liable for TDS default due to retrospective amendments
- 40(a)(ia) Disallowance for TDS default if books rejected by AO
- Apply for non deduction of TDS u/s 195 even if person was subjected to concealment penalty