Reshmi Nair (15 Points)
14 March 2016In TDS deduction there are exemption limits, for example Payments to contracts attract TDS only when it exceeds 30000/-
Likewise,
I Want to know , wheather any exemption limit is applicable for collecting TCS.??
A detailed reply is appreciated if this is exists.
Reshmi Nair
(15 Points)
Replied 14 March 2016
Thank you very much sir, Could you please simplify it or
Can you please direct me a notification,or article regarding that
| TCS Rates | ||||||
| 206C | Scrap | – | 1% | |||
| 206C | Tendu Leaves | – | 5% | |||
| 206C | Timber obtained under a forest lease or other mode | – | 2.50% | |||
| 206C | Any other forest produce not being a Timber or tendu leave | – | 2.50% | |||
| 206C | Alcoholic Liquor for Human Consumption | – | 1% | |||
| 206C | Packing lot, toll plaza, mining & quarrying | – | 2% | |||
| 206C | Purchase of Bullion/ Jewellery in cash | Rs. 2 Lacs per transaction (Bullion)Rs. 5 Lacs per transaction (Jewellery) | 1% | |||
| 206C | Purchase of coal lignite, Iron ore by a trader | – | 1 | |||
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