Amendment In section 206C Vide circular No.22/2016
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Circular No-22/2016.......F.No.370142/17/2016-TPL
Brief:-
Finance Act 2016 has amended the section 206C of the said Act. It provide that seller shall collect tax @ 1% from buyer on sale in cash of certain goods or provision of services exceeding Rs. 2 Lacs.
where the sale consideration in cash exceeding Rs 2 Lacs then only TCS will be applicable where the consideration in Partly in Cash or cheque.
Note:-
1. U/S 206C(1D) tax collection at source will not be leived if the cash receipt does not exceed Rs.2 lacs even if the Sale consideration exceeds Rs. 2 lacs.
2. U/S 206C(1D) TCS is required to be collected only pn cash component of the sale consideration.
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