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 Code | Description/Nature of Receipts | Rate of TCS | Remarks |
|---|---|---|---|
| 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 | — | (Omitt. by Finance Act 2017( w.e.f. 01.04.2017) |
Category- 2: Section 206C (1C)
| Challan Code | Description/Nature of Receipts | Rate of TCS | Remarks |
|---|---|---|---|
| 6CF | Parking lot | 2% | — |
| 6CG | Toll Plaza | 2% | — |
| 6CH | Mining and quarrying | 2% | — |
Also Read- TCS on Sale of Goods: Section 206c(1h) of the Income Tax Act, 1961
Category- 3: Section 206C (1F)
| Challan Code | Description/Nature of Receipts | Rate of TCS | Threshold Limit |
|---|---|---|---|
| 6CL | Motor 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 Code | Description/Nature of Receipts | Rate of TCS | Remarks |
|---|---|---|---|
| 6CM | Cash Sale of Any Goods (Other than bullion/jewelry) | — | (Omitt. by Finance Act 2017( w.e.f. 01.04.2017) |
| 6CN | Providing 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 Code | Description/Nature of Receipts | Rate of TCS | Threshold Limits |
|---|---|---|---|
| 6CO | Overseas Tour Program Package | 5% (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. |
| 6CP | Remittance 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. |
| 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%) | 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. |
Category- 6: Section 206C (1H)
| Challan Code | Description/Nature of Receipts | Rate of TCS | Threshold Limits |
|---|---|---|---|
| 6CR | Sale 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)