Every seller who comes under the specified goods as prescribed by Income tax act collect TCS from the buyer at prescribed rates and deposit the same in the account of Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows nature of payment, TCS rates and status of asseseee. The rate of TCS will be different according the status of assessee like individual assessee, company assessee, non resident assesee and resident assessee.
Recent Amendment in TCS Rates
- Individuals/HUF whose sale/receipts/turnover for financial year was Rs. 60 Lakh for A.Y.2012-13 changed to 1 Crore for A.Y.2013-14.
- Sale of bullion excluding any coin/other article weighing upto 10gms for a consideration exceeding Rs. 2,00,000 in cash. (Finance bill w.e.f. 1st July, 2012)
- Sale of jewellery for a consideration exceeding Rs. 5,00,00 in cash. (Finance bill w.e.f. 1st July, 2012)
Important points for TCS
- TCS will not applicable if buyer furnish form 27C, the goods will be used for manufacturing, processing or producing articles or things and not for trading purpose.
- TCS shall be deposited within one week from the last date of month on which TCS is made.
- The seller will furnish Form 27 D TCS certificate to the buyer for getting refund on the same.
TCS Rates Chart for F.Y.2012-13
| Particulars | If purchaser is non-resident or corporate person or non-domesting company and the amount does not more than Rs. 1 crore (SC-NIL, EC-2%, SHEC-1%) | If purchaser is resident (SC-NIL, EC-NIL, SHEC- NIL) | If purchaser is non-domestic company and amount is more than Rs. 1 Crore. (SC-2%, EC-2%, SHEC-1%) |
|---|---|---|---|
| Scarp | 1.03 | 1.00 | 1.056 |
| Alchol liquor for human consumption | 1.03 | 1.00 | 1.056 |
| Tendu Leaves | 5.15 | 5.00 | 5.2530 |
| Timber obtained under a forest lease | 2.575 | 2.50 | 2.6265 |
| Timber obtained by any mode other than under a forest lease | 2.575 | 2.50 | 2.6265 |
| Any other forest produce (not being timber or tendu leaves) | 2.575 | 2.50 | 2.625 |
| Parking lot, toll plaza, mining and quarrying | 2.06 | 2.0 | 2.1012 |
| Mineral being coal or lignite or iron ore (w.e.f. 1.7.2012) | 1.03 | 2 | 1.0506 |
| Bullion if consideration (excluding any coin/article weighing 10gm or less) exceeds Rs. 2 lacs (and amount is received in cash) - (w.e.f.) 1st July, 2012. | 1.03 | 1 | 1.0506 |
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