Section 206C: Tax Collected at Source (TCS) on Sale of Specified Goods like Alcoholic Liquor, Forest Produce, Scrap, Minerals, And Motor Vehicles
Section 206C of the Income Tax Act, 1961 mandates sellers to collect tax at source (TCS) from buyers on transactions involving specific goods like alcoholic liquor, forest produce, scrap, minerals, and motor vehicles. The provision ensures tax compliance on high-value transactions and prevents revenue leakage. 1. Applicability of TCS Under Section 206C A. Who Must Collect TCS? Sellerswith annual turnover exceeding ₹10 crore in the […]