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Tcs

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(Querist)
02 August 2012 R/sir

1% TCS was proposed in the budget on the sale of coal & minerals from 01.07.2012

My query is
1. it is applicable or not
2 if applicable than in which section TCS to be deposited

thans
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Prakash Kochar

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Prakash Kochar (Expert)
05 August 2012 As per amendment to sect. 206C in table a new Sr. No. vii has been inserted from 01.07.2012, which provides that minerals, being coal or lignite or iron ore, collection of tax at source is at the 1% of the sale value.

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