Know the Revised TCS rates for FY 2020-21 | AY 2021-22

Revised TCS rates for FY 2020-21- In the month of May 2020, The government has announced a package of Rs. 20 Lakhs crore in which Current TCS rates along with TDS rates were revised and cut by 25%. For this, the effective date is 14 May 2020 and it remains applicable till 31st March 2021. Click Here to Check Press Release dated 13th May 2020

Revised TCS rates for FY 2020-21 | AY 2021-22

Here we are showing the chart of revised TCS rates for FY 2020-21-

S. NoSection of the Income tax ActNature of ReceiptsExisting
Rate of TCS
Reduced rate from 14/05/2020 to 31/03/2021
1206C (1)Sale of
(a) Tendu Leaves5%3.75%
(b)Timber obtained under a forest lease2.5%1.875%
(c) timber obtained by any other mode2.5%1.875%
(d) Any other forest produce not being timber/tendu leaves2.5%1.875%
(e) scrap1%0.75%
(f) Minerals, being coal or lignite
or iron ore
1%0.75%

Also Read- Financial Year 2020-21: Section 44ADA of the Income Tax Act

S. No.Section of the Income tax ActNature of ReceiptsExisting
Rate of TCS
Reduced rate from 14/05/2020 to 31/03/2021
2206C (1C)Grant of license, lease, etc. of
(a) Parking lot2%1.50%
(b) Toll Plaza2%1.50%
(c) Mining and quarrying2%1.50%

Also Read- Tax Audit Limit For FY 2020-21: Know about Tax Audit u/s 44AB of The Income Tax Act

S. NoSection of the Income tax ActNature of ReceiptsExisting
Rate of TCS
Reduced rate from 14/05/2020 to 31/03/2021
3206C (1F)Sale of motor vehicle above Rs. 10 lakhs1%0.75%
4206C (1H)Sale of any other goods0.1% (w.e.f.
01.10.2020)
0.75%

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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