Tax collection at source updated: revised TCS/TDS rates for specified receipts and higher collection for non compliance. Tax collection at source rates for 2024-25 list TCS/TDS percentages for specified receipts (alcoholic liquor, tendu leaves, timber, forest products, scrap, minerals, leases, motor vehicle sales, and high value sale of goods subject to turnover thresholds). Amendments raised certain TCS rates with a postponed effective date; non furnishing of PAN or non filing of returns triggers higher collection (twice the specified rate or a fallback rate) though a statutory cap on collection rates was introduced. The summary also notes the definition and exclusions for a specified person and records surcharge and health and education cess treatment for non residents.
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Provisions expressly mentioned in the judgment/order text.
Tax collection at source updated: revised TCS/TDS rates for specified receipts and higher collection for non compliance.
Tax collection at source rates for 2024-25 list TCS/TDS percentages for specified receipts (alcoholic liquor, tendu leaves, timber, forest products, scrap, minerals, leases, motor vehicle sales, and high value sale of goods subject to turnover thresholds). Amendments raised certain TCS rates with a postponed effective date; non furnishing of PAN or non filing of returns triggers higher collection (twice the specified rate or a fallback rate) though a statutory cap on collection rates was introduced. The summary also notes the definition and exclusions for a specified person and records surcharge and health and education cess treatment for non residents.
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