I would like to know that as per budget 2016, section 206C is it necessary to collect tcs of 1 % on sale of jewellery, above two lakhs but below five lakhs in cash.
and also guide that if the customer gives old gold or bullion as consideration for new jewellery above two lakhs but below five lakhs, is it necessary to collect tcs of 1 %.
10 May 2016
Amendment proposed on section 206C through budget 2016 is applicable for sale in cash of any goods (other than bullion & jewellery) exceeding Rs. 2 Lakhs. For bullion & jewellery older provisions will continue.
CAclubindia
