TCS on Cash sales

Finance Act, 2016 imposed TCS on cash Sales i.e on cash sale of goods or services  with effect from 1-6-2016. Finance Act 2016 has made the amendments in section 206C( 1D) of the Act :

TCS on Cash sales i.e on cash sale of goods or services @  1% of sale consideration to be collected by seller from buyer on

• Sale of Bullion (if sale consideration is more than Rs 2 Lakh in single bill )
• Sale of Jewellery (if sale consideration is more than Rs 5 Lakh in single bill )
• Other goods or services (if sale consideration is more than Rs 2 Lakh in single bill)

Note : 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 are sold or services  are provided.

Rate of TCS on Cash sales if Buyer PAN not available

Seller/service provider is required to take PAN of the purchaser/recipient of service.The person raising bill shall ensure after verification that PAN has been correctly furnished and mentioned in the bill. Even if no PAN is provided by the Purchaser, TCS @ 1% to be collected . Read Higher Tax Rate for not giving PAN by Collectee for TCS w.e.f 01.04.2017

(Note : Section 206AA ,the Provisions of non furnishing of PAN and deduction of TDS @ 20% are applicable for Chapter XVIIB but Section 206(1d) is covered in Chapter XVIIBB)

Period during which TCS on Cash sales is to be depoisted

TCS on Cash sales i.e on cash sale of goods or services collected from buyer shall be deposited within 7 days from the close of month of collection to the credit of the Central Governmen

 TCS on Cash sales if Buyer PAN not available : Form No 60 to be taken

A declaration in Form No. 60 should be taken from the purchaser/recipient of service in case PAN is not available.

TCS on Cash sales if Buyer PAN not available :Period for which Form No 60 to be retained

Seller is required to retain Form No. 60 for a period of 6 years from the end of the financial year in which the transaction is undertaken.

Procedure in case TCS on Cash sales is collected and Form no 60 is taken ( If Buyer PAN not available)

• Form 61 statement (giving details of all Form 60 obtained in a Half Year), is required to furnished electronically by seller (only where audit of seller is required  u/s 44AB -including audit for presumptive taxation)
  •  For declarations received till 31st March :- Form 61 is required to be filed by 30th April and
  •  For declarations received till 31st October : Form 61 is required to be filed by 30th September.

Latest Books on TDS/TCS

Download Form 60 :-

Download Form 61 Declaration Format

Procedure in case TCS on Cash sales is collected and Buyer PAN is available

• Seller shall submit Quarterly statement in Form 27EQ within following due dates

Quarter of the financial year ended       Due Date

30th June                                                              15th July of the financial year

30th September                                                    15th October of the financial year

31st December                                                       15th January of the financial year

31st March                                                               15th May of the financial year

                                                                                      immediately following the financial                                                                                                       year in which collection is made

• The seller will furnish certificate to the buyer in Form 27D by following due date stating that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected..

Quarter of the financial year ended      Due date

30th June                                                 30th July of the financial year

30th September                                       30th October of the financial year

31st December                                          30th January of the financial year

31st March                                                30th May of the financial year immediately following the

                                                                    financial year in which collection is made

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45. Even in case of oral contract with transporters TDS is liable to be deducted u/s 194C
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51. 40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty
52. section 40(a)(i) No TDS Disallowance if Expenses Capitalised
53. section 40(a)(ia) Payer not liable for TDS default due to retrospective amendments
54. 40(a)(ia) Disallowance for TDS default if books rejected by AO
55. Apply for non deduction of TDS u/s 195 even if person was subjected to concealment penalty

Finance Act, 2016 imposed TCS on cash Sales i.e on cash sale of goods or services  with effect from 1-6-2016. Finance Act 2016 has made the amendments in section 206C( 1D) of the Act :

 [ Related post Higher Tax Rate for not giving PAN by Collectee for TCS w.e.f 01.04.2017 ]

 [ No TCS on Cash Sale of Goods or Services or Jewellery w.e.f 01.04.2017 ]

  Section 206C(1D) of Income Tax act imposing TCS on cash sales is as follow :-

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

Key features of TCS on Cash sales i.e on cash sale of goods or services :

• TCS on Cash sales i.e on cash sale of goods or services to be collected by seller. 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 are sold or services  are provided.
• TCS on Cash sales i.e on cash sale of goods or services to be collected from buyer . Buyer means for section 206C((1D) and Section 206(1F) , means a person who obtains in any sale, goods of the nature specified in the said sub-section;
• TCS on Cash sales i.e on cash sale of goods or services @  1% of sale consideration to be collected by seller from buyer on
  • Sale of Bullion (if sale consideration is more than Rs 2 Lakh in single bill )
  • Sale of Jewellery (if sale consideration is more than Rs 5 Lakh in single bill )
  • Other goods or services (if sale consideration is more than Rs 2 Lakh in single bill)
• TCS on Cash sales i.e on cash sale of goods or services @  1% of sale consideration to be collected by seller from buyer on  even if part of such consideration  amount is received in cash

e.g Mr. A sells goods to Mr. B worth Rs. 5,50,000 (Invoice Value) on 2.06.2016 and receives Rs. 4,90,000 by cheque on 2.06.2016 and Rs. 60,000 by cash on 03.06.2016, Mr. A requires to collect TCS @ 1% on Rs. 5,50,000.

• The seller will collect TCS on Cash sales i.e on cash sale of goods or services @  1% of sale consideration
• The seller will collect TCS on Cash sales i.e on cash sale of goods or services, if sale is made or service is rendered w.e.f 01.06.2016
• TCS on Cash sales i.e on cash sale of goods or services will be collected at the time of receipt of any amount in cash.
• If multiple bills are issued to  single party each less than 2 Lac, then any amount collected in cash will not be liable to TCS.
• This Rule will be applicable irrespective of the fact whether the buyer is a manufacturer, trader or the purchase is for personal use. However, the purchaser can obtain a lower TCS certificate by submitting Form No. 13 to the Assessing Officer.
• The seller will not be obliged to collect TCS on Cash sales i.e on cash sale of goods or services, if the buyer has deducted the tax at source from the payment.( this may be in the case services are rendered and person receiving the services has deducted the TDS before making the payment in cash to the provider of services )
• Seller/service provider is required to take PAN of the purchaser/recipient of service.The person raising bill shall ensure after verification that PAN has been correctly furnished and mentioned in the bill. Even if no PAN is provided by the Purchaser, TCS @ 1% to be collected , but a declaration in Form No. 60 should be taken from the purchaser/recipient of service.Such a person is required to retain Form No. 60 for a period of 6 years from the end of the financial year in which the transaction is undertaken. (Note : the Provisions of non furnishing of PAN and deduction of TDS @ 20% are applicable for Chapter XVIIB but Section 206(1d) is covered in Chapter XVIIBB)
• Form 61 statement (giving details of all Form 60 obtained in a Half Year), is required to furnished electronically by seller (only where audit of seller is required  u/s 44AB -including audit for presumptive taxation)
  •  For declarations received till 31st March :- Form 61 is required to be filed by 30th April and
  •  For declarations received till 31st October : Form 61 is required to be filed by 30th September.
• TCS on Cash sales i.e on cash sale of goods or services collected from buyer shall be deposited within 7 days from the close of month of collection to the credit of the Central Government.
• Seller shall submit Quarterly statement in Form 27EQ within following due dates

Quarter of the financial year ended       Due Date

30th June                                                              15th July of the financial year

30th September                                                    15th October of the financial year

31st December                                                       15th January of the financial year

31st March                                                               15th May of the financial year

                                                                                      immediately following the financial                                                                                                       year in which collection is made

• The seller will furnish certificate to the buyer in Form 27D by following due date stating that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected..

Quarter of the financial year ended      Due date

30th June                                                 30th July of the financial year

30th September                                       30th October of the financial year

31st December                                          30th January of the financial year

31st March                                                30th May of the financial year immediately following the

                                                                    financial year in which collection is made

• TCS on Cash sales i.e on cash sale of goods or services , thus even if hospitals / doctors receive payments from patients in cash for services rendered exceeding Rs 2 Lakh, they have to collect TCS from patients.

• TCS on Cash sales i.e on cash sale of goods or services even if buyer buys goods for his personal consumption

Related Post

1. TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016
2. e-TDS / TCS returns through e-filing portal https://incometaxindiaefiling.gov.in
3. TCS Penalty as per Income tax Act
4. TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh
5. Penalty deleted as the Assessee was not aware of TCS provisions
6. TCS on sale of Imported Timber
7. TCS Govt A/c : Revised time and mode of Payment
8. TDS Rates and Limit revised w.e.f 01.06.2016
9. TDS Statement Upload Online -Procedure
10. TDS on Commission paid to agent for rendering services abroad
11. No TDS on sum paid for services rendered outside india
12. NO TDS on VSAT /lease line charges paid to NSE/BSE
13. No tds on sale of agricultural land
14. NO TDS on Service tax
15. Not liable to Deduct TDS in case amendment with retrospective effect
16. TDS can not be demanded from deductor if taxes paid by deductee : SC
17. No TDS on leasehold rights payment for long period say 99 years
18. Employer not liable to deduct TDS @ 20% for non furnishing of PAN by Employees
19. No TDS on payment of transmission charges u/s 194J
20. Payer not Liable to Deduct TDS if Payee income is exempt
21. No TDS on Rent if declaration in 15G/15H w.e.f 01.06.2016
22. No TDS on Service Tax Component of Rent
23. No TDS on Provision of Interest u/s194A if provision reversed
24. No TDs on interest on FDR made on direction of Courts :CBDT
25. No TDS on Reimbursement Expenses if separate bills raised
26. No TDS on Interest on FCCB issued to foreign investors and utilized for verseas business
27. NO TDS liability under Section 195 if Book entry passed reversed Subsequently
28. No TDS Under Secction 194LA as Land Acquired by Mutual negotiation and not compulsory acquisition
29. No TDS under section 194LA if land owners surrendered their land to municipal corporation for under development right certificates scheme
30. No TDS on Compensation paid to evacuate slum dwellers
31. No TDS on purchase of negative rights of films
32. Section 194I No TDS on Lease payment for allotment of plot for 80 years
33. Purchase of software is not payment for royalty, not liable to TDS
34. TDS on Purchase of Property : FAQ’s
35. Assessee not to be called for TDS deducted but not Deposited by Deductor : CBDT
36. Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193
37. Sum paid for internet connection not liable for TDS under section 194J
38. Additional amount Paid to Purchaser on cancellation of Flat is not interest under section 2(28A) hence No TDS
39. Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax
40. CBDT clarify TDS issues on payments made by Television channels, Broadcasters and Newspapers
41. TDS on Payment to Contractor : section 194C
42. TDS Rates and Limit revised w.e.f 01.06.2016
43. TDS on Payment to harvester / transporter of Sugarcane from Farmers field
44. Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C
45. Even in case of oral contract with transporters TDS is liable to be deducted u/s 194C
46. Purchases made after payment of excise duty and availment of credit can not be held as job work, no TDS under section 194C
47. TDS on Provision for Expenses
48. Section 194C payments to newspaper publishers
49. No TDS on Reimbursement Expenses if separate bills raised
50. All About 26AS (TDS, Refund , AIR information )
51. 40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty
52. section 40(a)(i) No TDS Disallowance if Expenses Capitalised
53. section 40(a)(ia) Payer not liable for TDS default due to retrospective amendments
54. 40(a)(ia) Disallowance for TDS default if books rejected by AO
55. Apply for non deduction of TDS u/s 195 even if person was subjected to concealment penalty

Finance Act, 2016 imposed TCS on cash sale of goods or services  with effect from 1-6-2016.

Finance Act, 2016 imposed TCS on cash sale of goods or services  with effect from 1-6-2016. Finance Act 2016 has made the following amendments in section 206C of the Act :

New Sub Section (1D) of Section 206C is as follow

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

TCS – Amendment as per Finance Act 2017

No TCS on Cash Sale of Goods or Services or Jewellery w.e.f 01.04.2017

 Higher Tax Rate for not giving PAN by Collectee for TCS w.e.f 01.04.2017

No TCS on sale of jewellery w.e.f 01.04.2017

Exemption from TCS to certian Buyers of Motor Vehicle >Rs 10 Lakh w.e.f 01.04.2017 ]

Analysis of Provision of TCS on cash sale of goods or services : Conditions

1. Sale of any goods or any services (other than bullion or jewellery)
2. Consideration for goods or services exceeds Rs. 2,00,000 in a (single) bill
3. Out of such consideration, any amount is received in cash
4. The seller will collect tax at the rate of 1% of sale consideration

5. No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.

   Illustration: Goods worth Rs. 5 lakhs is sold for which the consideration amounting to Rs.4 lakhs has been received in cheque and Rs.1 lakh has been received in cash. As the cash receipt does not exceed Rs.2 lakh, no tax is required to be collected at source as per section 206C (1D)  (CBDT Circular No 23/2016 Dated 24.06.2016)

6. Under section 206C (1D), the tax is required to be collected at source on cash component of the sales consideration and not on the whole of sales consideration.

   Illustration: Goods worth Rs. 5 lakhs is sold for which the consideration amounting to Rs.2 lakhs has been received in cheque and Rs.3 lakh has been received in cash. Tax is required to be collected under section 206C (1 D) only on cash receipt of Rs.3 lakhs and not on the whole of sales consideration of Rs.5 lakha (CBDT Circular No 23/2016 Dated 24.06.2016)

7. The seller will collect tax at the rate if sale is made or service is rendered w.e.f 01.06.2016
8. Tax will be collected at the time of receipt of any amount in cash.
9. This Rule will be applicable irrespective of the fact whether the buyer is a manufacturer, trader or the purchase is for personal use. However, the purchaser can obtain a lower TCS certificate by submitting Form No. 13 to the Assessing Officer.
10. The seller will not be obliged to collect the tax, if the buyer has deducted the tax at source from the payment.
11. Seller/service provider is required to take PAN of the purchaser/recipient of service.The person raising bill shall ensure after verification that PAN has been correctly furnished and mentioned in the bill. If PAN is not available, a declaration in Form No. 60 should be taken from the purchaser/recipient of service.Such a person is required to retain Form No. 60 for a period of 6 years from the end of the financial year in which the transaction is undertaken.
12. The seller will furnish certificate to the buyer stating that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected.

 CBDT clarifications via FAQ’s on TCS on cash sale of goods or services

 CBDT issued clarifications on FAQ’s relating to TCS on cash sale :-

    1.  TCS on sale of Motor Vehicle : CBDT clarify via FAQ (circular )

     2. TCS on Cash Sale , CBDT issued 2nd Circular for Clarification 

Why TCS on cash sale of goods or services ?

As per the Memorandum explaining provisions of the Finance Bill, 2016, clarifies as under:

“In order to reduce the quantum of cash transaction in sale of any goods and services and for curbing the flow of unaccounted money in the trading system and to bring high value transactions within the tax net, it is proposed to amend the aforesaid section to provide that the seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than bullion and jewellery), or providing of any services (other than payments on which tax is deducted at source under Chapter XVII-B) exceeding two lakh rupees.”

Finance Minister, in his budget speech :

“149. I also propose to collect tax at source at the rate of 1% on purchase of luxury cars exceeding value of Rs. ten lakh and purchase of goods and services in cash exceeding Rs. two lakh. For compliant taxpayers with resources, this levy not only advances collection of tax when the expenditure is incurred, but it provides data to the tax authorities to identify the persons who incur such expenditure, but may be missing from the tax base.

TCS on cash sale of goods or services:When not applicable ?

1. New proviso to sub-section (1D)

The seller will not be obliged to collect the tax, if the buyer has deducted the tax at source from the payment. Thus Provider of a service may not be obliged to collect tax, if the recipient has deducted tax at source.

E.g If Mr A rendered the services to Mr B for Rs 300000 and Mr B Deducted TDS on Rs 300000 before making the payment to  Mr A, then Mr A is not obliged to deduct TCS of Mr B

2.New Sub-section (1E)

Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed

Definition of ‘seller’ for TCS on cash sale of goods or services :-

In terms of the amendment in the definition of ‘seller’, an individual or HUF who provides services exceeding the limit specified in section 44AB(a) and (b) in the previous year, will be considered as seller for the purpose of the section. Accordingly, the provision of the section will apply to such service provider.

New Explanation (c) of Section 206C is as follow

(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.

Definition of Buyer for TCS on cash sale of goods or services :-

As per Explanation (aa) of Section 206C

(aa) “buyer” with respect to—

…….

(ii) 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;

Definition of ‘ jewellery ‘ for TCS on cash sale of goods or services :-

As per Explanation (ab) of Section 206C

“jewellery” shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2

Explanation to sub-clause (ii) of clause (14) of section 2 is as follow :-

Explanation 1.—For the purposes of this sub-clause , “jewellery” includes

(a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel

(b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel

Book on TDS (with Advance Tax and Refunds)

Deduction of Tax at Source with Advance Tax and Refunds as Amended by Finance Act 2016 (English) (Hardcover, Dr Vinod K Singhania)

BUY

Related Post on TCS and TDS

1. TCS on Sale of motor Vehicle above Rs 10 Lakh w.e.f 01.06.2016
2. e-TDS / TCS returns through e-filing portal https://incometaxindiaefiling.gov.in
3. TCS Penalty as per Income tax Act
4. TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh
5. Penalty deleted as the Assessee was not aware of TCS provisions
6. TCS on sale of Imported Timber
7. TCS Govt A/c : Revised time and mode of Payment
8. TDS Rates and Limit revised w.e.f 01.06.2016
9. TDS Statement Upload Online -Procedure
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11. No TDS on sum paid for services rendered outside india
12. NO TDS on VSAT /lease line charges paid to NSE/BSE
13. No tds on sale of agricultural land
14. NO TDS on Service tax
15. Not liable to Deduct TDS in case amendment with retrospective effect
16. TDS can not be demanded from deductor if taxes paid by deductee : SC
17. No TDS on leasehold rights payment for long period say 99 years
18. Employer not liable to deduct TDS @ 20% for non furnishing of PAN by Employees
19. No TDS on payment of transmission charges u/s 194J
20. Payer not Liable to Deduct TDS if Payee income is exempt
21. No TDS on Rent if declaration in 15G/15H w.e.f 01.06.2016
22. No TDS on Service Tax Component of Rent
23. No TDS on Provision of Interest u/s194A if provision reversed
24. No TDs on interest on FDR made on direction of Courts :CBDT
25. No TDS on Reimbursement Expenses if separate bills raised
26. No TDS on Interest on FCCB issued to foreign investors and utilized for verseas business
27. NO TDS liability under Section 195 if Book entry passed reversed Subsequently
28. No TDS Under Secction 194LA as Land Acquired by Mutual negotiation and not compulsory acquisition
29. No TDS under section 194LA if land owners surrendered their land to municipal corporation for under development right certificates scheme
30. No TDS on Compensation paid to evacuate slum dwellers
31. No TDS on purchase of negative rights of films
32. Section 194I No TDS on Lease payment for allotment of plot for 80 years
33. Purchase of software is not payment for royalty, not liable to TDS
34. TDS on Purchase of Property : FAQ’s
35. Assessee not to be called for TDS deducted but not Deposited by Deductor : CBDT
36. Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193
37. Sum paid for internet connection not liable for TDS under section 194J
38. Additional amount Paid to Purchaser on cancellation of Flat is not interest under section 2(28A) hence No TDS
39. Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax
40. CBDT clarify TDS issues on payments made by Television channels, Broadcasters and Newspapers
41. TDS on Payment to Contractor : section 194C
42. TDS Rates and Limit revised w.e.f 01.06.2016
43. TDS on Payment to harvester / transporter of Sugarcane from Farmers field
44. Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C
45. Even in case of oral contract with transporters TDS is liable to be deducted u/s 194C
46. Purchases made after payment of excise duty and availment of credit can not be held as job work, no TDS under section 194C
47. TDS on Provision for Expenses
48. Section 194C payments to newspaper publishers
49. No TDS on Reimbursement Expenses if separate bills raised
50. All About 26AS (TDS, Refund , AIR information )
51. 40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty
52. section 40(a)(i) No TDS Disallowance if Expenses Capitalised
53. section 40(a)(ia) Payer not liable for TDS default due to retrospective amendments
54. 40(a)(ia) Disallowance for TDS default if books rejected by AO
55. Apply for non deduction of TDS u/s 195 even if person was subjected to concealment penalty