AY 2022-23: Challan Code, nature of receipts, and applicable TCS rates

In FY 2020-21, the government has announced a package of Rs. 20 Lakhs crore in which TCS rates were revised and cut by 25%. For this, the effective dates were 14 May 2020 till 31st March 2021. Now the TCS Rates For AY 2022-23 have revised, which are given here.

TCS Rates For AY 2022-23

Here is the TCS Challan Code, nature of receipts, and applicable TCS Rates For AY 2022-23-

Category- 1: Section 206C (1)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6CAAlcoholic Liquor for Human Consumption1%
6CBTimber obtained under a forest lease2.5%
6CCTimber obtained by any other mode2.5%
6CDAny other forest produce not being timber or tendu lives2.5%
6CEScrap1%
6CITendu Leaves5%
6CJMinerals, being coal or lignite or iron ore1%
6CKBullion and Jewellery
TCS rates for FY 2021-22

Category- 2: Section 206C (1C)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6CFParking lot2%
6CGToll Plaza2%
6CHMining and quarrying2%

Also Read- TCS on Sale of Goods: Section 206c(1h) of the Income Tax Act, 1961

Category- 3: Section 206C (1F)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6CLMotor Vehicle (any mode of payment)1%

Category- 4: Section 206C (1E)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6CMCash Sale of Any Goods (Other than bullion/jewelry)
6CNProviding any services (Other than Ch-XVII-B)

Also Read- Section 206CCA: Higher Rate of TCS for non-filers of Income Tax Return

Category- 5: Section 206C (1G)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6COOverseas Tour Program Package5% (Non-PAN/Aadhar @ 10%)
6CPRemittance under LRS for education loan taken from financial institutions mentioned under section 80E.50%
6CQRemittance under LRS (For a purpose other than for the purchase of overseas tour package or for education loan taken from financial institutions mentioned under section 80E)5% (Non-PAN/Aadhar @ 10%)
TCS rates for FY 2021-22

Category- 6: Section 206C (1H)

Challan CodeDescription/Nature of ReceiptsRate of TCS
6CRSale of Goods.10% (Non-PAN/Aadhar @ 1%)

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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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