TCS RATES FOR ASSESSMENT YEAR 2020-21 (FINANCIAL YEAR 2019-20)
|
Sr. No.
|
Nature of Goods/Contract/Licence /Lease
|
Criteria for Collection
|
Rate (%) *
|
|
1
|
Alcoholic Liqour for Human Consumption
|
No Threshold Limit
|
1
|
|
2
|
Tendu Leaves
|
No Threshold Limit
|
5
|
|
3
|
Timber obtained under a Forest Lease
|
No Threshold Limit
|
2.5
|
|
4
|
Timber obtained by any mode other than under a Forest Lease
|
No Threshold Limit
|
2.5
|
|
5
|
Any other Forest produce
|
No Threshold Limit
|
2.5
|
|
6
|
Scrap
|
No Threshold Limit
|
1
|
|
7
|
Minerals, being Coal or Lignite or iron ore
|
No Threshold Limit
|
1
|
|
8
|
Motor Vehicle (Note 1)
|
Payment in excess of
Rs. 10,00,000/-
|
1
|
|
9
|
Cash Sale of Bullion
|
Payment in excess of
Rs. 2,00,000/-
|
1
|
|
10
|
Cash Sale of any other goods (other than bullion and jewellery)
or Providing any service for Cash
|
Payment in excess of
Rs. 2,00,000/-
|
1
|
|
11
|
Transfer of right or interest in any Parking Lot or Toll Plaza or
Mining and Quarrying (other than of mineral oil) under any
contract, licence and lease
|
No Threshold Limit
|
2
|
Note 1
No TCS shall be collected where the buyer is the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; local authority as defined in explanation to clause (20) of Section 10; a public sector company which is engaged in the business of carrying passengers.
* TCS shall be deducted u/s 206CC @ twice the rate applicable or 5%, whichever is higher, if PAN is not furnished by the collectee
* Surcharge Applicable:-
|
Payee Status
|
Deduction Threshold
|
Rate (%)
|
|
Individual, HUF, AOP, BOI or Artificial Judicial Person
|
Exceeding Rs. 50 lakhs upto 1 crore
|
10%
|
|
Individual, HUF, AOP, BOI or Artificial Judicial Person
|
Exceeding Rs. 1 crore upto Rs. 2 crore
|
15%
|
|
Individual, HUF, AOP, BOI or Artificial Judicial Person
|
Exceeding Rs. 2 crore upto Rs. 5 crore
|
25%
|
|
Individual, HUF, AOP, BOI or Artificial Judicial Person
|
Exceeding Rs. 5 crores
|
37%
|
|
Co-Operative Society
|
Exceeding Rs. 1 crore
|
12%
|
|
Foreign Company
|
Exceeding Rs. 1 crore upto Rs. 10 crores
|
2%
|
|
Foreign Company
|
Exceeding Rs. 10 crores
|
5%
|
