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of <h1>Union Budget 2025-26: Revised Tax Rules for Forest Produce, New TCS Rates Effective April 2025</h1> The Union Budget 2025-26 and Finance Bill propose changes to the definition and tax collection on 'forest produce.' Currently, a 2.5% tax is collected on timber and other forest produce. Due to ambiguity in defining 'forest produce,' it will now align with definitions in State Acts or the Indian Forest Act, 1927. The tax collection at source (TCS) will apply only to forest produce obtained under a forest lease, excluding timber and tendu leaves. The amended TCS rate is set at 2% for timber and other forest produce, effective April 1, 2025.
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