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. No | Section of the Income tax Act | Nature of Receipts | Existing Rate of TCS | Reduced rate from 14/05/2020 to 31/03/2021 |
---|---|---|---|---|
1 | 206C (1) | Sale of | ||
(a) Tendu Leaves | 5% | 3.75% | ||
(b)Timber obtained under a forest lease | 2.5% | 1.875% | ||
(c) timber obtained by any other mode | 2.5% | 1.875% | ||
(d) Any other forest produce not being timber/tendu leaves | 2.5% | 1.875% | ||
(e) scrap | 1% | 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 Act | Nature of Receipts | Existing Rate of TCS | Reduced rate from 14/05/2020 to 31/03/2021 |
---|---|---|---|---|
2 | 206C (1C) | Grant of license, lease, etc. of | ||
(a) Parking lot | 2% | 1.50% | ||
(b) Toll Plaza | 2% | 1.50% | ||
(c) Mining and quarrying | 2% | 1.50% |
Also Read- Tax Audit Limit For FY 2020-21: Know about Tax Audit u/s 44AB of The Income Tax Act
S. No | Section of the Income tax Act | Nature of Receipts | Existing Rate of TCS | Reduced rate from 14/05/2020 to 31/03/2021 |
---|---|---|---|---|
3 | 206C (1F) | Sale of motor vehicle above Rs. 10 lakhs | 1% | 0.75% |
4 | 206C (1H) | Sale of any other goods | 0.1% (w.e.f. 01.10.2020) | 0.75% |
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)