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of <h1>Finance Act 2016: Section 206C Expanded to Curb Cash Transactions with 1% TCS on High-Value Sales.</h1> The Finance Act 2016 amended Section 206C of the Income-tax Act, 1961, expanding the scope of tax collection at source (TCS) to reduce cash transactions. Sellers must collect 1% TCS on cash sales of goods and services exceeding two lakh rupees, excluding bullion and jewelry. For motor vehicles, TCS applies to sales exceeding ten lakh rupees, regardless of payment method. Government entities and international institutions are exempt. TCS applies per transaction, not aggregate sales. Individuals liable to audit must also collect TCS. The circular clarifies these provisions through a Q&A format, addressing various scenarios.
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