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

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....le 218 Section 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. Clause (a): Receipt liable for TCS Tax is required to be collected on the receipts specified in the relevant entry of the Table. Clause (b): Rate of collection ....

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.... for generation of power; and • not for trading purposes. Upon furnishing a valid declaration in the prescribed form, 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 declaration received under sub-section (2) to the jurisdi....

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.... of Tax Tax shall not be collected by the authorised dealer or seller in respect of receipts covered under Serial Nos. 7 and 8 of the Table where the buyer is liable to deduct tax at source under any other provision of the Act and has deducted such tax. Accordingly, where tax has been deducted at source, collection of tax at source is not required. Section 394(6) - Meaning of Forest Produ....