Section 206C(1C) of Income Tax:
| No's | Nature of Service | Rate of TCS |
|---|---|---|
| 1 | Parking Lot | 2% |
| 2 | Toll Plaza | 2% |
| 3 | Mining & Quarrying | 2% |
Every person, who grants a lease or a license or enters into a contract or otherwise, transfers any right or interest in
a. any parking lot or
b. toll plaza or
c. mine or quarry,
to another person (hereafter referred to as “licensee or leasee”) for the use of such parking lot or toll plaza or mine or quarry, for the purpose of business, shall collect tax at source at the rate of 2%.
Impotent Notes :
- The provisions of this section shall not apply to mining and quarrying of mineral oil, petroleum and natural gas.
- The provisions of this section shall not apply if the licensee or lessee is a public sector company
- Tax has to be collected by the seller at the time of debiting of the amount payable by the licensee or leasee to the account of the licensee or leasee or at the time or receipt of such amount from the licensee or leasee in cash or by issue of cheque or draft, or by any other mode, whichever is earlier.
- Individual / HUF even if his turnover does not exceed Rs.1 Crore or Rs. 50 Lakhs, as the case may be are also liable to collect tax u/s. 206C(1C)
- Thus, the Central Govt., State Govt., not included in the definition of person u/s .2(31) cannot be made liable to collect tax at source.
Due date for payment of TCS to Government:
| TCS Collected Month | TCS Due date |
|---|---|
| During the April to February months | 7th of Next Month |
| March Month | 7th April of Next Financial Year |
Due Date of TCS Returns:
| Quarter period | TCS Return Due Date |
|---|---|
| April-June | 15th July |
| July-September | 15th October |
| October-December | 15th January |
| January-March | 15th May |
