FY 2021-22: TCS Threshold Limit, 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 FY 2021-22 have revised, which are given here along with the TCS Threshold Limit For FY 2021-22

TCS Rates For FY 2021-22 and TCS Threshold Limit For FY 2021-22

Here is the TCS Challan Code, nature of receipts, applicable TCS rates and TCS Threshold Limit For FY 2021-22

Category- 1: Section 206C (1)

Challan CodeDescription/Nature of ReceiptsRate of TCSRemarks
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(Omitt. by Finance Act 2017( w.e.f. 01.04.2017)

Category- 2: Section 206C (1C)

Challan CodeDescription/Nature of ReceiptsRate of TCSRemarks
6CFParking lot2%
6CGToll Plaza2%
6CHMining and quarrying2%
TCS Rates For FY 2021-22 and TCS Threshold Limit For FY 2021-22

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 TCSThreshold Limit
6CLMotor Vehicle (any mode of payment)1%Seller, who receives any amount as consideration for the sale of a motor vehicle of value exceeding Rs. 10 Lakh

Category- 4: Section 206C (1E)

Challan CodeDescription/Nature of ReceiptsRate of TCSRemarks
6CMCash Sale of Any Goods (Other than bullion/jewelry)(Omitt. by Finance Act 2017( w.e.f. 01.04.2017)
6CNProviding any services (Other than Ch-XVII-B)(Omitt. by Finance Act 2017( w.e.f. 01.04.2017)

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 TCSThreshold Limits
6COOverseas Tour Program Package5% (Non-PAN/Aadhar @ 10%)Every person being a seller of an overseas tour program package, who receives any amount from a buyer being the person who purchases such package.
6CPRemittance under LRS for education loan taken from financial institutions mentioned under section 80E.50%Amount or aggregate of the amount in excess of Rs. 7 Lakh remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education.
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%)Person, being an authorized dealer, who receives an amount/aggregate of amounts exceeding Rs. 7 Lakh, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India.
TCS Threshold Limit For FY 2021-22

Category- 6: Section 206C (1H)

Challan CodeDescription/Nature of ReceiptsRate of TCSThreshold Limits
6CRSale of Goods.10% (Non-PAN/Aadhar @ 1%)Every person, being a seller who receives any amount as consideration for the sale of any goods of the value or aggregate of such value exceeding Rs. 50 Lakh in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G).

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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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