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 FY 2021-22 have revised, which are given here.
TCS Rates For FY 2021-22
Here is the TCS Challan Code, nature of receipts, and applicable TCS rates for the financial year 2021-22-
Category- 1: Section 206C (1)
| Challan Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CA | Alcoholic Liquor for Human Consumption | 1% |
| 6CB | Timber obtained under a forest lease | 2.5% |
| 6CC | Timber obtained by any other mode | 2.5% |
| 6CD | Any other forest produce not being timber or tendu lives | 2.5% |
| 6CE | Scrap | 1% |
| 6CI | Tendu Leaves | 5% |
| 6CJ | Minerals, being coal or lignite or iron ore | 1% |
| 6CK | Bullion and Jewellery | — |
Category- 2: Section 206C (1C)
| Challan Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CF | Parking lot | 2% |
| 6CG | Toll Plaza | 2% |
| 6CH | Mining and quarrying | 2% |
Also Read- Revised Income Tax Audit Limit For FY 2021-22: Know about Tax Audit u/s 44AB of The Income Tax Act
Category- 3: Section 206C (1F)
| Challan Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CL | Motor Vehicle (any mode of payment) | 1% |
Category- 4: Section 206C (1E)
| Challan Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CM | Cash Sale of Any Goods (Other than bullion/jewelry) | — |
| 6CN | Providing 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 Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CO | Overseas Tour Program Package | 5% (Non-PAN/Aadhar @ 10%) |
| 6CP | Remittance under LRS for education loan taken from financial institutions mentioned under section 80E | .50% |
| 6CQ | Remittance 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%) |
Category- 6: Section 206C (1H)
| Challan Code | Description/Nature of Receipts | Rate of TCS |
|---|---|---|
| 6CR | Sale 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)