TCS on Sale of Goods | Section 206C(1H) of Income Tax Act | Tax Collected at Source

In this video we have discuss the detail provision of newly inserted section 206C (1H) by Finance Act 2020, in Income Tax Act,1961 on "TCS on Sales on Goods in India".

Applicability
📑There has to be a sale of goods within India (not applicable on export)
📑 The sellers TO in last FY i.e. 2019-20 or in the Current FY i.e. 2020-21 should be greater than Rs.10 crore.
📑 Consideration received from a buyer (in one transaction or in aggregate) during the current FY should be greater than Rs.50 lakh
📑 Buyer should not be Central Government / State Government / Embassy / High Commission / Legation / Commission / Consulate / Trade Representation of a Foreign State / Local Authority / Importer / any other person as may be notified
📑The transaction should not already be covered by TCS [under Section 206C(1), 206C(1F) and 206C(1G)] or TDS provisions from buyer’s end
📍TCS Rate
TCS 0.10% % [for the period 01.10.2020 to 31.03.2021, the rate will be 0.075%] or @1% [if the buyer does not have PAN], at the time of receipt of any consideration more than Rs.50 lakh.

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