TCS Rate Chart FY 2023-24: Tax collected at source (TCS) under Income Tax is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Time of collection of TCS Earlier is earlier of the following period-
- At the time of debiting the amount payable by the buyer; or
- At the time of receipt of the amount from the buyer.
TCS Rate Chart for FY 2023-24
| Section | For Payment of | Threshold limit | TDS Rate % |
| 206C(1) | Sale of Scrap | NA | 1% |
| 206C(1) | Sale of Tendu Leaves | NA | 5% |
| 206C(1) | Sale of Timber obtained under a forest lease or other mode | NA | 2.5% |
| 206C(1) | Sale of any other forest produce not being Timber or tendu leaves | NA | 2.5% |
| 206C(1) | Sale of Minerals, coal lignite, Iron ore by a trader | NA | 1% |
| 206C(1) | Sale of Alcoholic Liquor for Human Consumption | NA | 1% |
| 206C(1C) | Lease or license of the Parking lot, toll plaza, mining & quarrying | NA | 2% |
| 206C(1F) | Sale Value of Motor vehicle whether in cheque or in any other mode of receipt | Rs 10 Lakhs per transaction | 1% |
| 206C(1G) | Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if the remitted amount is out of loan obtained from any financial institution u/s 80E to pursue any education | NA | 0.5% |
| 206C(1G) | Foreign remittance through Liberalised Remittance Scheme (LRS) for education and medical purpose | Rs 7 Lakh | 5% (FY 2022-23, it was 5% in excess of Rs 7 lakh) |
| 206C(1G) | Foreign remittance through Liberalised Remittance Scheme (LRS) in any other case | NA | 20% |
| 206C(1G) | Selling of overseas tour package | NA | 20% (FY 2022-23, it was 5%) |
| 206C(1H) | Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh where total Sale/ gross receipts/turnover from business exceeds Rs 10 Crore during immediately financial year | NA | 0.1% |
| 206CC(1) | Non-Filer of ITR | NA | Twice the TCS Rate or 5% whichever is higher (Maximum Rate will not increase 20%) |
Read Also: TDS Rate Chart for FY 2023-24 – AY 2024-25 – Income Tax
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