Section 206C(1C): TCS on Parking Lot, Toll Plaza or Mining and Quarrying
- What are the Nature of Transction Covered Section 206C(1C) ?
Under section 206C(1C),TCS is appliacble if Leasing or licensing or transferring any right or interest in any
Parking Lot or
Toll Plaza or
Mine or Quarry for the purpose of Business. - What is the Rate of TCS u/s 206C(1C) ?
Rate of Tax Collected at Source (TCS) u/s 206C(1C) is 2%.
TCS colletor is same as specified under section 206C(1).
Collectee is any person other than public sector company. - What is the rate applicable if Collectee Does Not Furnish PAN ?
Notwithstanding anything contained in any other provisions of this Act, any person 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:—
- Twice the rate specified in the relevant provision of this Act (or)
- At the rate of 5%
