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Any person making below specified collections mentioned under the Income Tax Act is required to collect TCS at the time of receiving such payments. The applicable rates and threshold limited of collection of TCS is as below:
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TCS Rate Chart For FY 2021-22 AY 2022-23
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Sections
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Type of Goods
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Rate
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206C(i)
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Liquor of alcoholic nature, made for consumption by humans
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1.00%
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206C(iii)
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Timber wood under a forest leased
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2.50%
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206C(ii)
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Tendu leaves
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5.00%
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206C(iv)
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Timber wood by any other mode than forest leased
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2.50%
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206C(v)
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A Forest produce other than Tendu leaves and Timber
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2.50%
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206C(vi)
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Scrap
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1.00%
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206C(vii)
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Minerals like lignite, coal, and iron ore
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1.00%
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206C(IC)
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Parking lot, Toll Plaza and Mining and Quarrying
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2.00%
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206C(1D)
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Bullion that exceeds over Rs. 2 lakhs/ Jewellery that exceeds over Rs. 5 lakhs
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1.00%
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206C(1F)
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Sale of Motor vehicle exceeding Rs. 10 Lakhs
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1.00%
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206C(1G)(a)
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TCS on foreign remittance through Liberalised Remittance Scheme (LRS)
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5.00%
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206C(1G)(b)
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TCS on the selling of overseas tour package
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5.00%
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206C(1H)
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TCS on sale of any goods
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0.10%
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Note: TCS has to be deposited using Challan ITNS-281 on the Income Tax portal at the below link:
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
DUE DATE FOR PAYMENT OF TCS
- 7th of Every Month and 30th April for the month of March.
DUE DATE OF FILING OF RETURN
- 15th of following Quarter and 15th May for Quarter Ending March
PENALTY FOR LATE COMPLIANCE
- FOR LATE- DEDUCTION OF TCS- 1% Interest per Month
- FOR NON-DEPOSIT OF TCS - 1.5% Interest per Month
- FOR NON-FILLING OF RETURN - 200 per Day
Disclaimer: This is only a knowledge-sharing initiative. In no event, I shall be liable for any direct, indirect, special, or incidental damage resulting from, arising out of, or in connection with the use of the information.
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