TCS Rate Chart for FY 2023-24 /AY 2024-25 – Income Tax

TCS Rate Chart FY 2023-24

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

SectionFor Payment ofThreshold limitTDS Rate %
206C(1)Sale of ScrapNA1%
206C(1)Sale of Tendu LeavesNA5%
206C(1)Sale of Timber obtained under a forest lease or other modeNA2.5%
206C(1)Sale of any other forest produce not being Timber or tendu leavesNA2.5%
206C(1)Sale of Minerals, coal lignite, Iron ore by a traderNA1%
206C(1)Sale of Alcoholic Liquor for Human ConsumptionNA1%
206C(1C)Lease or license of the Parking lot, toll plaza, mining & quarryingNA2%
206C(1F)Sale Value of Motor vehicle whether in cheque or in any other mode of receiptRs 10 Lakhs per transaction1%
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 educationNA0.5%
206C(1G)Foreign remittance through Liberalised Remittance Scheme (LRS) for education and medical purposeRs 7 Lakh5% (FY 2022-23, it was 5% in excess of Rs 7 lakh)
206C(1G)Foreign remittance through Liberalised Remittance Scheme (LRS) in any other caseNA20%
206C(1G)Selling of overseas tour packageNA20% (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 yearNA0.1%
206CC(1)Non-Filer of ITRNATwice 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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