TCS Rate Chart FY 2023-24, AY 2024-25:

TCS Rate Chart FY 2023-24, AY 2024-25 Every seller selling specified goods is required to collect Tax collected at source (TCS) from the buyer at the…

TCS Rate Chart Finance Act 2023

CA Pratibha Goyal

Mar 26, 2023

Last update on Mar 26, 2023

TCS Rate Chart FY 2023-24, AY 2024-25 Every seller selling specified goods is required to collect Tax collected at source (TCS) from the buyer at the prescribed rate. We have tried to compile the rates in below mentioned chart. You May Also Refer: TDS Rate Chart FY 2023-24, AY 2024-25

Section	For Payment of	Threshold limit	TCS Rate %
Section	For Payment of	Threshold limit	FY 2023-24	FY 2022-23
206C(1)(i)	Alcoholic Liquor for Human Consumption	NA	1%	1%
206C(1)(iii)	Timber obtained under a forest lease	NA	2.50%	2.50%
206C(1)(iv)	Timber obtained by any mode other than under a forest lease	NA	2.50%	2.50%
206C(1)(v)	Any other forest produce not being timber or tendu leaves	NA	2.50%	2.50%
206C(1)(vi)	Scrap	NA	1%	1%
206C(1C)(i)	Grant of a license, lease, etc of the Parking lot	NA	2%	2%
206C(1C)(ii)	Grant of a license, lease, etc of Toll Plaza	NA	2%	2%
206C(1C)(iii)	Grant of Mining and Quarrying	NA	2%	2%
206C(1)(ii)	Tendu Leaves	NA	5%	5%
206C(1)(vii)	Minerals, being coal or lignite, or iron ore	NA	1%	1%
206C(1F)	Sale of the motor vehicle whether payment is received by cheque or by any other mode	> 10 lakh	1%	1%
206C(1G)	TCS for sale of overseas tour program package	NA	20%	5% of the sale value (10% in case of non-availability of PAN/Aadhar)
206C(1G)	TCS on remittance under LRS for an educational loan taken from a financial institution as mentioned in Section 80E	NA	0.50%	0.50%
206C(1G)	Foreign remittance under LRS	(7 lakh in case of remittances for education and medical purpose)	5% in case of education and medical remittance	5% in excess of 7 lakh (10% in case of non-availability of PAN/Aadhar)
206C(1G)	Foreign remittance under LRS	(No limit in the case of other foreign remittance)	20% in case of other foreign remittances
206C(1H)	TCS on sale of goods	NA	0.1% (1% in case of non-availability of PAN/Aadhar)	0.1% (1% in case of non-availability of PAN/Aadhar)
206CC(1)	Person not having PAN	NA	Twice the TCS Rate or 5% whichever is higher Maximum Rate will not increase 20%	Twice the TCS Rate or 5% whichever is higher
206CCA(1)	Non-Filer of ITR		Twice the TCS Rate or 5% whichever is higher Maximum Rate will not increase 20%	Twice the TCS Rate or 5% whichever is higher

TCS Rate Chart

Disclaimer: This list is Exhaustive and not inclusive. I have made every effort to ensure that this chart is error-free, still, the Author is not responsible for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon. Further, no portion of our article or newsletter should be used for any purpose(s) unless authorized in writing and we reserve a legal right for any infringement on the usage of our article or newsletter without prior permission.

About Author

CA Pratibha Goyal

Co Founder

CA Pratibha Goyal is Chartered Accountant qualified in 2016, is a Member of The Institute of Chartered Accountants of India having wide experience in the field of Auditing, Taxation, ROC, GST and Secretarial matters etc. She has written over a thousand articles & has made several videos on topics related to Auditing & Taxation. As a Speaker she has delivered various sessions on various branches of NIRC of ICAI.