Section 206C - TCS on receives any amount as consideration for sale exceeding the value of ₹ Ten Lakhs [ Section 206C(1F) ]

Tax Collected at Source on high-value sales requires sellers to collect tax at receipt for specified goods, with limited exceptions.

Section 206C(1F) obliges sellers receiving consideration for sale of specified goods above the threshold to collect tax at source at the time of receipt, at a rate of one percent of the sale consideration; scope initially covered motor vehicles and was expanded to include other goods notified by the Central Government. Payments from the Reserve Bank of India are exempted. The government notification lists classes of goods to which the expanded rule applies, and tax administration circulars address practical compliance issues such as mixed-mode payments.