Section 206c(1d) of Income Tax act

By | May 31, 2016
(Last Updated On: June 25, 2016)

Section 206c(1d) of Income Tax act

Section 206c(1d) of Income-tax Act, 1961 after Amendment by Finance Act , 2016

(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion  or jewellery or any other goods (other than bullion or jewellery) or providing any service , shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—

(i)            for bullion, exceeds two hundred thousand rupees; or

(ii)           for jewellery, exceeds five hundred thousand rupees;  or

(iii)     for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:
that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.

Read Also CBDT Circulars :-  TCS on Cash Sale , CBDT issued 2nd Circular for Clarification  , TCS on sale of Motor Vehicle : CBDT clarify via FAQ

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