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TCS Revised rates 2020
Tax collection at source (tcs) rate are revised by FM sitaraman as on 13-02-2020. The existing tcs and tds rates will be reduced by 25% which will free 50000 crores as liquidity.
tcs payment and tcs return due date will be same as earlier. Only tcs rates are changed. The given tcs rates are applicable till 31-03-2021.
| Relevant Section of TCS as per Income Tax Act,1961 | Nature of Payment | Existing Rates of TCS | Revised Rates of TCS(Applicable only till 31.03.2021) |
| 206C | Scrap | 1% | 0.75% |
| 206C | Tendu leaves | 5% | 3.75% |
| 206C | Timber obtained under a forest lease or other mode | 2.5% | 1.875% |
| 206C | Alcoholic liquor for human consumption and Indian made foreign liquor | 1% | .75% |
| 206C | Sale of motor vehicle of the value exceeding Rs. 10 Lacs | 1% | .75% |
| 206C | Remittance out of India under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year | 5% | 3.75% |
| 206C | Sale of overseas tour programme package | 5% | 3.75% |
| 206C | Remittance out of India for education under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year | 1.5% | 1.125% |
| 206C | Sale of any goods (other than goods exported out of India or goods given in the above points) of the value exceeding 50Lacs | 0.1% | 0.075% |
For further assistance in Tcs return filling or tcs online payment, you can visit here- www.taxadvisory.in   or write as at- info@taxadvisory.in.
For tds revised rate, you can visit here- https://taxadvisory.in/t/2020/05/13/tds-revised-rates-2020/
Thanks & regards
Sabhyakant
Chartered Accountant
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