Income Tax – Started By: – CA-Gourav Garg – Dated:- 6-3-2018 Last Replied Date:- 9-4-2018 – Dear All,My query is TCS@1% to be collected on sale value included GST or excluded GST?For Eg. Sale Value is ₹ 100/-IGST @18% Rs. 18/-Total Rs. 118/-Now TCS @ 1% on which value, whether 100/- or 118/-?Please provide solution with notification no. or any other documentary evidence. – Reply By KASTURI SETHI – The Reply = As per Section 52 of CGST Act, it is net value of taxable supplies. – Reply By CA-Gourav Garg – The Reply = Siri am asking fot TCS on scrap as per Income tax act – Reply By MUKUND THAKKAR – The Reply = TCS applicable on 118/- Reply By KASTURI SETHI – The Reply = Sh.Mukund Thakkar, Sir Your reply for the purpose of Income Tax Act ? – Reply By KASTURI SETHI – The Reply = Sh.Gaurav Garg Ji, There is no mention of words, Income Tax Act, Scrap etc in your query as well as in the heading of query. It reflected only GST. Accordingly, reply was posted. – Reply By CA-Gourav Garg – T
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ber obtained under a Forest Lease 2.5% Timber obtained by any mode other than Forest Lease 2.5% Any other Forest produce not being forest timber or tendu leaves 2.5% Scrap 1% Minerals being Coal or Lignite or Iron ore 1% Parking Lot, Toll Plaza, Mining and Quarrying 2% Where ANY amount of consideration is received in cash on sale of :- Bullion (consideration exceeds ₹ 2 Lakhs), Jewellery (consideration exceeds ₹ 5 Lakhs), and with effect from June 1,2016 ,Any other goods and services (exceeding ₹ 2.00 Lakh) if TDS Provision is not applicable 1% Where amount is received by cheque or any other mode on sale of :- Motor vehicle of the value exceeding ₹ 10.00 Lakh (applicable from June 1,2016) 1% Finance Act, 2016 imposed TCS on sale of goods or services on receiving consideration in cash with effect from 2016, June 1. Finance Act 2016 has made the following amendments in section 206C of the Act : – In order to reduce the quantum of cash transaction in sale of any go
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chever is earlier. Definition of various Term in TCS (a) Seller: According to this provision every following person is covered under the scope of the seller for the purpose of TCS: (i) The Central and State Government. (ii) Local authority (iii) Statutory corporation or Authority (iv) Company (v) Firm (vi) Co-operative society (vii) Individual or Hindu undivided family (HUF),whose books of accounts are liable to be audited under section 44AB of Income Tax Act. (b) Buyer: (i) According to the this provision Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub section(1) or right to receive any goods but does not include 1. Public sector company, Central Government/State Government, Embassy, a High commission, legation, consulate and the trade representation of a foreign state and a Club; 2. A buyer in the retail sale of such goods purchased for personal consumption. (ii). sub section (1D) means a per
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lier certificate. Page 3 of 3 Nil rate /Exemption: Section 206C (1A)/ (1B) Notwithstanding anything contained in sub section (1) of section 206C, No tax shall be deducted from a buyer(resident in India) who purchases specified goods not for the purpose of trading but for the manufacturing, processing, or production of goods/article or thing and gives a declaration in duplicate in Form 27C to the seller. The seller shall deliver one copy, form 27C collected from buyer, to Chief Commissioner/ Commissioner of Income tax. TCS Return: The seller\ contractor i e. deductor has to file a quarterly return in form 27EQ and in Form 27A and has to issue the TCS certificate to Deductee in Form 27D on or before following Due Date: Quarter Due Dates for filing TCS Return Due Dates for issuing TCS Certificate April to June 15th July 30th July July to September 15th October 30th October October to December 15th January 30th January January to March 15th May 30th May Section 206C (7) prescribe Interest
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