Rates of Tax Collection at Source for the Financial Year 2023-24

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....nsumption 1% 206C(1) Tendu leaves 5% 206C(1) Timber obtained under a forest lease or other mode. 2.5% 206C(1) Any other forest product (not being timber or tendu leaves) 2.5% 206C(1) Scrap 1% 206C(1) Minerals, being coal or lignite or iron ore [w.e.f. 1.7.2012] 1% 206C(1C) Lease or license of Parking lot, toll plaza, mining & quarrying 2% 206C(1F) Sale Value of Motor Vehicle w....

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....tober 2020 to September 2023) (2) New rate w.e.f 1st October, 2023 (3) LRS for education, financed by loan from financial institution Nil upto Rs 7 lakh 0.5% above Rs 7 lakh Nil upto Rs 7 lakh 0.5% above Rs 7 lakh LRS for Medical treatment/ education (other than financed by loan) Nil upto Rs 7 lakh 5% above Rs 7 lakh Nil upto Rs 7 lakh 5% above Rs 7 lakh LRS for other purposes Nil ....

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....furnish his Permanent Account Number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:- * (i) at twice the rate specified in the relevant provision of this Act; or * (ii) at the rate of five per cent. * However, As per Amendment by FA, 2023, w.e.f., "rate of tax collection a....

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....erson", in addition to the provision of this section, the tax shall be collected at higher of the two rates provided in this section and in section 206CC of the Act. * 2.3 Collectee i.e. Specified Person * "Specified person" proposes to means a person who has not furnished the return of income for assessment year relevant to the previous year immediately preceeding the financial year in which....