S K and Associates : TCS

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<span style="font-family: arial, helvetica, sans-serif;">Friends,   New TCS @ 1%  on Cash Sale will be implemented w.e.f. 1st June, 2016 under Sub Section (1D) of Section 206C.   Being a deductor or collector the following rows of Section 206C should be read before 1st June, 2016.   Mainly this  section effect those businessmen who receive Cash from their Debtors.   The persons who receive cheques, Draft, RTGS, NEFT or E-transfer from their customers will not be effected with this section mentioned below :- </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoK2RXJ6jvwpbJa7MlGCF5_PA6l90PLIWJQbMGi8_7EylCVJVCkspdHDLMQ2_cYqnho28IVAZ2ApOL3zRa65J-m_Ldr8nyR9ZFYk7lv-ekUewyIBXfPGTJC2MnZCjsa-FQo_9ZXLM0qKw/s1600/tcs.gif" imageanchor="1" style="clear: right; color: #1159b3; float: right; margin-bottom: 1em; margin-left: 1em; text-decoration: none;"><span style="font-family: arial, helvetica, sans-serif;"></span></a><span style="color: #444444; font-family: arial, helvetica, sans-serif;">(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery<span class="apple-converted-space"> </span><sup><span style="color: #663399;">87</span></sup><b>[</b><i>or any other goods (other than bullion or jewellery) or providing any service</i><b>]</b>, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">  (<i>i</i>) for bullion, exceeds two hundred thousand rupees; or<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;"> (<i>ii</i>) for jewellery, exceeds five hundred thousand rupees;<span class="apple-converted-space"> </span><sup><span style="color: #663399;">88</span></sup><b>[</b><i>or</i><b>]</b><o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><sup><span style="color: #444444; font-family: arial, sans-serif;"><span style="color: #663399;">88</span></span></sup><b><span style="color: #444444; font-family: arial, sans-serif;">[</span></b><i><span style="color: #444444; font-family: arial, sans-serif;">(</span></i><span style="color: #444444; font-family: arial, sans-serif;">iii<i>) for any goods, other than those referred to in clauses (</i>i<i>) and (</i>ii<i>), or any service, exceeds two hundred thousand rupees:</i><o:p></o:p></span></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided</span></b><span class="apple-converted-space"><span style="color: #444444; font-family: arial, sans-serif;"> </span></span><i><span style="color: #444444; font-family: arial, sans-serif;">that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.</span></i><b><span style="color: #444444; font-family: arial, sans-serif;">]</span></b><span style="color: #444444; font-family: arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><sup><span style="color: #444444; font-family: arial, sans-serif;"><span style="color: #663399;">88</span></span></sup><b><span style="color: #444444; font-family: arial, sans-serif;">[</span></b><i><span style="color: #444444; font-family: arial, sans-serif;">(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.</span></i><span style="color: #444444; font-family: arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><i><span style="color: #444444; font-family: arial, sans-serif;">(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.</span></i><b><span style="color: #444444; font-family: arial, sans-serif;">]</span></b><span style="color: #444444; font-family: arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(2) The power to recover tax by collection under sub-section (1) or sub-section (1C) or sub-section (1D) shall be without prejudice to any other mode of recovery.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(3) Any person collecting any amount under sub-section (1) or sub-section (1C) or sub-section (1D) shall pay within<span class="apple-converted-space"> </span><sup><span style="color: #663399;">89</span></sup>[the prescribed time] the amount so collected to the credit of the Central Government or as the Board directs :<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided</span></b><span class="apple-converted-space"><span style="color: #444444; font-family: arial, sans-serif;"> </span></span><span style="color: #444444; font-family: arial, sans-serif;">that the person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed and deliver or cause to be delivered to the prescribed income-tax authority<sup><span style="color: #663399;">90</span></sup>, or the person authorised by such authority, such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.<sup><span style="color: #663399;">91</span></sup><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) or sub-section (1D) has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any other person, by whatever name called, who is responsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(4) Any amount collected in accordance with the provisions of this section and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to such person for the amount so collected in a particular assessment year in accordance with the rules<sup><span style="color: #663399;">92</span></sup><span class="apple-converted-space"> </span>as may be prescribed by the Board from time to time.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(5) Every person collecting tax in accordance with the provisions of this section shall within such period as may be prescribed<sup><span style="color: #663399;">93</span><span class="apple-converted-space"> </span></sup>from the time of debit or receipt of the amount furnish to the buyer or licensee or lessee to whose account such amount is debited or from whom such payment is received, a certificate to the effect that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected and such other particulars as may be prescribed<sup><span style="color: #663399;">94</span></sup><span class="apple-converted-space"> </span>:<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided<span class="apple-converted-space"> </span></span></b><span style="color: #444444; font-family: arial, sans-serif;">that the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) shall, within the prescribed time after the end of each financial year beginning on or after the 1st day of April, 2008, prepare and deliver to the buyer referred to in sub-section (1) or, as the case may be, to the licensee or lessee referred to in sub-section (1C), a statement in the prescribed form<sup><span style="color: #663399;">95</span></sup><span class="apple-converted-space"> </span>specifying the amount of tax collected and such other particulars as may be prescribed.<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(5A) Every person collecting tax before the 1st day of April, 2005 in accordance with the provisions of this section shall prepare within the prescribed time after the end of each financial year, and deliver or cause to be delivered to the prescribed income-tax authority<sup><span style="color: #663399;">96</span></sup><span class="apple-converted-space"> </span>or such other authority or agency as may be prescribed such returns in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed :<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided<span class="apple-converted-space"> </span></span></b><span style="color: #444444; font-family: arial, sans-serif;">that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a case where the seller is a company, the Central Government or a State Government, may at his option, deliver or cause to be delivered such return to the prescribed income-tax authority<sup><span style="color: #663399;">97</span></sup><span class="apple-converted-space"> </span>in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, on or before the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme:<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided<span class="apple-converted-space"> </span></span></b><span style="color: #444444; font-family: arial, sans-serif;">that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under the said scheme.<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(5C)Notwithstanding anything contained in any other law for the time being in force, a return filed on computer media shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings made thereunder, without further proof of production of the original, as evidence of any contents of the original or of any facts stated therein.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(5D)Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-section (5B) is defective, he may intimate the defect to the person collecting tax and give him an opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to deliver the return.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(6) Any person responsible for collecting the tax who fails to collect the tax in accordance with the provisions of this section, shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (3).<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax:<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided</span></b><span class="apple-converted-space"><span style="color: #444444; font-family: arial, sans-serif;"> </span></span><span style="color: #444444; font-family: arial, sans-serif;">that any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, who fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee shall not be deemed to be an assessee in default in respect of such tax if such buyer or licensee or lessee—<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">  (<i>i</i>) has furnished his return of income under<span class="apple-converted-space"> </span><span style="color: #663399;">section 139</span>;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;"> (<i>ii</i>) has taken into account such amount for computing income in such return of income; and<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>iii</i>) has paid the tax due on the income declared by him in such return of income,<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed<sup><span style="color: #663399;">98</span></sup>:]<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided further</span></b><span class="apple-converted-space"><span style="color: #444444; font-family: arial, sans-serif;"> </span></span><span style="color: #444444; font-family: arial, sans-serif;">that no penalty shall be charged under<span class="apple-converted-space"> </span><span style="color: #663399;">section 221</span><span class="apple-converted-space"> </span>from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(7) Without prejudice to the provisions of sub-section (6), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3):<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><b><span style="color: #444444; font-family: arial, sans-serif;">Provided</span></b><span class="apple-converted-space"><span style="color: #444444; font-family: arial, sans-serif;"> </span></span><span style="color: #444444; font-family: arial, sans-serif;">that in case any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee but is not deemed to be an assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date on which such tax was collectible to the date of furnishing of return of income by such buyer or licensee or lessee.<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of the person responsible for collecting tax.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(9) Where the Assessing Officer is satisfied that the total income of the buyer or licensee or lessee justifies the collection of the tax at any lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D), the Assessing Officer shall, on an application<sup><span style="color: #663399;">99</span></sup><span class="apple-converted-space"> </span>made by the buyer or licensee or lessee in this behalf, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D).<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(11) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.<o:p></o:p></span></div>
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<span style="font-family: arial, helvetica, sans-serif;"><i><span style="color: #444444; font-family: arial, sans-serif;">Explanation.</span></i><span style="color: #444444; font-family: arial, sans-serif;">—For the purposes of this section,—<o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>a</i>) "accountant" shall have the meaning assigned to it in the<span class="apple-converted-space"> </span><i>Explanation</i><span class="apple-converted-space"> </span>to sub-section (2) of<span class="apple-converted-space"> </span><span style="color: #663399;">section 288</span>;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>aa</i>) "buyer" with respect to—<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">  (<i>i</i>) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,—<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>A</i>) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>B</i>) a buyer in the retail sale of such goods purchased by him for personal consumption;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;"> (<i>ii</i>) sub-section (1D)<span class="apple-converted-space"> </span><sup><span style="color: #663399;">1</span></sup><b>[</b><i>or sub-section (1F)</i><b>]</b><span class="apple-converted-space"> </span>means a person who obtains in any sale, goods of the nature specified in the said sub-section;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;"> (<i>ab</i>) "jewellery" shall have the meaning assigned to it in the<span class="apple-converted-space"> </span><i>Explanation</i><span class="apple-converted-space"> </span>to sub-clause (<i>ii</i>) of clause (<i>14</i>) of<span class="apple-converted-space"> </span><span style="color: #663399;">section 2</span>;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>b</i>) "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;<o:p></o:p></span></div>
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<span style="color: #444444; font-family: arial, helvetica, sans-serif;">(<i>c</i>) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (<i>a</i>) or clause (<i>b</i>) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) or sub-section (1D) are sold<span class="apple-converted-space"> </span><sup><span style="color: #663399;">2</span></sup><b>[</b><i>or services referred to in sub-section (1D) are provided</i><b>]</b>.</span></div>
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Income Tax :- 1% Tax Collection at Source ( T C S ) on Cash Sale w.e.f. 01-06-2016

Friends, New TCS @ 1% on Cash Sale will be implemented w.e.f. 1st June, 2016 under Sub Section (1D) of Section 206C. Being a deductor...

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Income Tax :- 1% Tax Collection at Source ( T C S ) on Cash Sale w.e.f. 01-06-2016

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