TaxTMI 
TaxTMI 
amendment of Sec. 206C
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....mendment of Sec. 206C<br> Query (Issue) Started By: - Murari Agrawal Dated:- 27-6-2016 Last Reply Date:- 27-6-2016 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear Experts, The limit of cash payment....
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.... of ₹ 2 lakhs is for a particular transaction, or the aggregate of cash paid during the year for multiple transactions. Thanks. Reply By Ramesh Rangani: The Reply: Hi Murali, Below may be us....
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....eful to you: Importance of above Limits The limit for applicability of TCS is as follows: * Bullion (exceeding ₹ 2 Lakhs), * Jewellery (exceeding ₹ 5 Lakhs), or * Any other goods o....
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....r any service (Exceeding ₹ 2 Lakhs) * sale of motor vehicle of value exceeding ₹ 10 Lakhs (in cash or cheque) In case of (iii) above, If payment consideration (or any part of it) is re....
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....ceived in cash of sale of ANY goods/ provision of any service whose consideration exceeds ₹ 2. Lakh, then TCS @ 1% should be collected. If single party is having multiple bills each less than 2....
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.... Lakh, then any amount collected in cash will not be liable to TCS. It is applicable on transaction basis on Single Bill exceeding ₹ 2 lakh. Reply By Ganeshan Kalyani: The Reply: Sir, please f....
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....ind the latest Circular which will clarify your query. Circular No. 23/2016, New Delhi, dated the 24 June, 2016<br> Discussion Forum - Knowledge Sharing ....