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Scope of TCS Expanded in Finance Bill 2020 on Overseas Remittance , Sale of Overseas Tour Package and Sale of Goods

[Applicable from 01-04-2020]

The Finance Bill proposes to widen the scope of TCS on overseas remittance, sale of overseas tour package and sale of goods.

The new TCS Rates for the sum received on or after 01-04-2020 shall be as under:

S. No.

Goods & Services liable to TCS

New provision

Status

PAN / Aadhaar Furnished

PAN/Aadhaar Not Furnished

1

Alcoholic liquor for human consumption

1%

Twice or 5% which ever is higher

Existing Provision

2

Motor Car

1%

Twice or 5% which- ever is higher

Existing provision

3

Timber obtained under Forest lease

2.5%

Twice or 5% which- ever is higher

Existing provision

4

Timber obtained by any mode other than under a forest lease

2.5%

Twice or 5% which- ever is higher

Existing provision

5

Tendu leaves

5%

Twice or 5% which- ever Is higher

Existing provision

6

Minerals, being coal or ignite or iron ore

1%

Twice or 5% which- ever is higher

Existing provision

7

Scrap

1%

Twice or 5% which- ever is higher

Existing provision

8

Any other forest pro- duce not being timber or tendu leaves

2.5%

Twice or 5% which- ever is higher

Existing provision

9

Parking Lot

2%

Twice or 5% which- ever is higher

Existing provision

10

Toll Plaza

2%

Twice or 5% which- ever is higher

Existing provision

11

Mining & quarrying

2%

Twice or 5% which- ever is higher

Existing provision

12

Overseas tour travel package

5%

10%

New
provision

13

Remittance of Forex under LRS of Rs. 7 lakh or more in a financial year

5%

10%

New
provision

14

Sale of goods in excess of Rs. 50 lakh

0.1%

1%

New
provision

This provision shall be applicable to a person whose Turnover, Gross Receipts or Sales exceeds Rs. 10 crore.

 
Amendment of TDS in Budget 2020 [Applicable from Assessment Year 2021-22] Tax Amendments in Finance Bill 2020 Amendments of Charitable and Religious Trusts in Finance Bill 2020
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