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:
Provided 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
Sponsored Book
Related Post
- 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
- 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