TCS Rates Chart AY 2023-24: Every seller who comes under the specified goods as prescribed by the Income-tax act collects TCS from the buyer at prescribed rates and deposits the same in the account of the Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows the nature of payment, TCS rates and status of assessee. The TCS Rates will be different according the status of assessee like individual assessee, company assessee, non resident assesee and resident assessee. Here you will find the TCS Rates Chart for F.Y.2022-23 A.Y.2023-24.
TCS Rates Chart for F.Y.2022-23 (A.Y.2023-24)
(TCS Rates As amended up to Finance Bill 2022)
| Section | Nature of Transaction | Rate |
|---|---|---|
206C(1C) | Sale of Goods |
|
| Tendu Leaves | 5% | |
| Timber & Other Forest Products | 2.5% | |
| Alcoholic Liquor for Human Consumption | 1% | |
| Scrap | 1% | |
| Minerals Being Coal Lignite, Iron Ore | 1% | |
206C(1C) | Leasing or licensing or transferring any right or interest in any -Parking lot or -Toll plaza or -Mine or quarry for the purpose of business | 2% |
| 206C(1F) | Sale of a motor vehicle of the value exceeding 10 lakhs Notes: 1) TCS will apply only in the case of motor vehicles at the retail level. No TCS under this section sale by manufacturers to dealers/distributors. 2) A threshold limit of Rs.10 lakhs has to be looked at on each individual purchase and not on aggregate purchases made during the year. | 1% |
| 206C(1G) | Foreign remittance of money more than Rs.7 Lakhs under Liberalised Remittance Scheme (LRS) of RBI Notes: 1) 5% of the amount in excess of Rs.7 Lakhs 2) In the case of LRS if the remitted amount is out of education loan taken from Financial Institution then TCS rate shall be 0.5% instead of 5%. | 5% |
| Sale of overseas tour program package (OTPP) Notes: 1) 5% of the sale value 2) OTPP means any tour package which offers a visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. (No TCS if buyer Central Government, State Government, Embassy High Commission, legation Consulate and Trade representation, Local Authority. | 5% | |
| 206C(1H) | Sale of Goods (other than export and covered u/s 206C(1)/(1F)/(1G) Notes: 1) 0.1% of the consideration in excess of Rs.50 Lakhs 2) Seller/Collector in this case whose last year turnover is more than 10 Crore. 3) If the buyer deducts TDS under any section then TCS will not be applicable under this section. 4) No TCS if the buyer is Central Government, State Government, High Commission, Legation, Commission, Consulate, the trade representation of a foreign State, a local authority or a person importing goods into India or any other notified person. 5) No need for any adjustment for GST or sale return as TCS under this section applies only on receipt of consideration 6) In the case of the sale of fuel to NR Airlines companies at Indian Airport are not liable for TCS under the section.< 7) In the case of Motor vehicles if section 206C(1F) is not applicable then section 206C(1H) will be applicable if other conditions of this section are satisfied. | 0.1% |
Surcharge and Health & Education Cess on TCS Rates
| Payee Status | Payment Exceeds | Surcharge Rates | Education Cess |
| Non Resident Individuals/HUF | Payment more than Rs. 50 lakh but not more than Rs. 1 crore | 10% | 4% w.e.f. A.y. 2019-20 on (TCS+Surcharge) |
| Payment more than Rs. 1 crore | 15% | 4% w.e.f. A.y. 2019-20 on (TCS+Surcharge) | |
| Non Resident – Co-operative society/firm | Payment more than Rs.1 crore | 12% | 4% w.e.f. A.y. 2019-20 on (TCS+Surcharge) |
| Non-domestic companyNon-comestic company | Payment more than Rs. 1 crore but not more than Rs. 10 crore | 2% | 4% w.e.f. A.y. 2019-20 on (TCS+Surcharge) |
| Payment more than Rs. 10 crore | 5% | 4% w.e.f. A.y. 2019-20 on (TCS+Surcharge) |
Additional Notes on TCS Rates AY 2023-24
- Time of collection of TCS: As per section 206C (1) every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer. Hence, the amount debited to the account of the buyer or payment shall be received by the seller inclusive of VAT/ excise/GST. TCS to be collected inclusive of GST.
- TCS rates for F.Y.2022-23 A.Y.2023-24 without PAN double of TCS rates as above or 5%, whichever is higher under section 206CC.
- Interest on late collection/deposit TCS: In case of any delay, interest shall be calculated at @1% per month or part thereof from the date on which TCS was collectable to the date on which TCS is actually paid.
If you have any doubt regarding TCS Rates chart F.Y.2022-23 A.Y.2023-24 then you can us via the comment form given below.
TCS can applicable on sale old machinery ? Which rate
Sir, Whether TCS is applicable to a Lender Bank , when he auctions a motor car of a defaulting Borrower
Is TCS applicable, if dealer sales car to another dealer?
Sir,
Pls confirm any cess on TCS for the year 2019-20
pl tell me tcs collection code for sale of motor cars
TCS can applicable on sale of wooden scrap and iron scrap ? Which rate
Hello, Yes TCS will be applicable on Wooden Scrap and Iron scrap @1%. You can check above table for TCS rates on scarp. Thanks
सर TCS SALE AMOUNT पर लगता है या sale amount+gst पर…..
Hello Sir, you have to deduct TCS on basic value + GST. As per section 206C “Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods of the nature. So, The amount you will collect from buyer is including GST not basic amount. Please ask if you have any doubt.
If party purchase alcohol 7849500 then he has to sale the whole purchase in the same year or
he will not allowed to made any closing stock..for that year…
.
Example
Purchase 7849500
Sale. 4156800
Profit. 415680
Hi, please send current TDS and TCS rate chart.
Please provide current Rate chart of TDS and TCS
is tcs applicabe on machinery and machinery parts. As we are manufacturer of Powerloom and other textile machineries as well as Rice plants.
plz tell me hosiery cutting waste confirm tcs rate
when goods are sold to party then party sales return to me .
when which amount calculated for tcs .
KINDLY DETAIL PROVIDE ME FOR TDS DEDUCTION ON TRANSPORTATION
We will cover it in future. thanks
What is the TCS rate of Iron & steel scrap, We are manufacturing of Mining machnery and it spares parts, our manufaturi scrap is iron & steel.
Want to know how to deposit the TCS amount under Mining & Quarrying @2%, which is collected from Party.
this is easy procedure