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Tax Collection at Source (TCS) [Section 206C]

CONTENT- Tax Collection at Source (TCS) [Section 206C]

Tax Collection at Source (TCS) [Section 206C]

  1. Rates of TCS in different Cases

  2. Higher Rate of TCS if PAN is not furnished by Collectee [Section 206CC]

  3. Time of Payment of TCS to Government Account

  4. Statement of Tax (TCS) Collected and Deposited [Proviso to Section 206C(3) and Rule 31AA(1)]:

  5. Issue of TCS Certificate [Section 206C(5) & Rule 37D]:

  6. Failure to collect tax (TCS) required under section 206C(1) [Section 206C(6)]:

  7. Penalty in default of TCS under Section 221 [Section 206C(6A)]:

TCS on Profit and Gains from the Business of Trading in Alcoholic Liquor, Forest Produce, Scrap, etc. [Section 206C]


TCS on Sale of any Motor Vehicle of the value exceeding Rs.10 Lakh [Section 206C(1F)]


TCS in case of Parking Lot, Toll Plaza or Mining and Quarrying [Section 206C(1C)]


Higher Rate of TCS if PAN is not furnished by Collectee [Section 206CC]


Time and Mode of payment of TCS to Government Account under Section 206C [Section 206(3) and Rule 37CA]

  1. Time of Payment of TCS to Government Account

  2. Mode of Payment of TCS to Government Account

Correction Statement of TCS for Rectification of any Mistake or to Add, Delete or Update may also be Furnished [Section 206C(3B)]

  1. Due date of Filing Quarterly Statement of TCS [Rule 31AA(2)]

  2. Manner of Filing Quarterly Statement of TCS [Rule 31AA(3)(i)].

  3. E-filing of Quarterly Statements of TCS Mandatory in certain Cases [Rule 31AA(3)(ii)]:

  4. Procedure for Filing Quarterly Statement of TCS [Rule 31AA(4)]:

  5. Procedure for e-Filing of TCS Statement

Collection of Tax (TCS) at Lawer Rate [Section 206C(9), (10), (11) and Rule 37G and 37H]


Processing of Statement of TCS (Tax Collected at Source) [Section 106CB]

  1. Manner of processing the Quarterly Statement of TCS [Section 206CB(1)]

  2. Board empowered to make scheme for centralized processing [Section 206CB(2)]

  3. Consequential changes in other sections due to insertion of section 206CB relating to processing of quarterly statement of TCS

 



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