Rates of Tax Collection at Source for the Financial Year 2024-25

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....C(1C) Lease or license of Parking lot, toll plaza, mining & quarrying 2% 206C(1F) Upto 31.12.2024 - Sale Value of Motor Vehicle whether in cheque or in any other mode of receipt From 01.01.2025 - Sale Value of Motor Vehicle or any other goods (specified by the Central Government by notification) whether in cheque or in any other mode of receipt. [ Substituted vide Finance (No. 2) Act, 2024 ] 1% 206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from business exceeds Rs. 10 Crore during immediately  financial year 0.1% (applicable from 01.10.2020) Section 206(1G) Increased TCS rates to apply from 1st Octob....

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....rson paying any sum or amount, on which tax is collectible at source under Chapter XVII-BB (herein referred to as collectee) shall 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 at source under this section shall not exceed 20%." (Budget 2023, Amendment) Note 2: TCS Rates on Non Filing of ITR u/s 206CCA w.e.f 01.07.2021 * 2.1 TCS Rate * Proposed section 206CCA of the Act would apply o....