Collection of Tax at source - Section 394 (New) / Section 206C (Old)

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....n 394(1) governs the collection of tax at source (TCS) on specified receipts. The nature of receipt, person responsible for collection and the applicable rate are prescribed in the Table appended to the section. Section 394(1) Clause (a): Receipt liable for TCS Tax is required to be collected on the receipts specified in the relevant entry of the Table. Section 394(1) Clause (b): Rate of ....

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....ducing articles or things, or for generation of power; and • not for trading purposes. Upon furnishing a valid declaration in the prescribed form ( Form 127 ), the seller is not required to collect tax. Section 394(3) - Furnishing of Declaration to Income-tax Authority read with Rule 212 The person responsible for collecting tax shall furnish one copy of the decla....