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TDS & TCS Rates (Part 3) – Budget 2019

TCS Rates
  • Author

    Vatsaraj & Co.

  • Date

    August 8, 2019

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%


Related Posts

  • TDS
    TDS & TCS Rates (Part 1) – Budget 2019
  • TDS
    TDS & TCS Rates (Part 2) – Budget 2019
  • major policy announcement - budget 2019
    Major Policy Announcements – Budget 2019

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