Rate of Tax Collection at Source for the Financial Year 2020-21 - Income Tax - Ready Reckoner - Income Tax

Rates of Tax Collection at Source for the Financial Year 2020-21 (Rates are inclusive of Surcharge, Education Cess and Secondary Higher Education Cess) Section Particulars Resident / Non-Residents/Domestic Company 206C(1) Alcoholic liquor for human consumption 1% 206C(1) Tendu leaves 5% 206C(1) Timber obtained under a forest lease or other mode. 2.5% 206C(1) Any other forest product (not being timber or tendu leaves) 2.5% 206C(1) Scrap 1% 206C(1) Minerals, being coal or lignite or iron ore [w.e.f. 1.7.2012] 1% 206C(1C) Lease or license of Parking lot, toll plaza, mining quarrying 2% 206C(1F) Sale Value of Motor Vehicle whether in cheque or in any other mode of receipt 1% 206C(1G) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if remitted amount is out of loan obtained from any financial institution u/s 80E for the purpose of pursuing any education 0.5% (applicable from 01.10.2020) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in any other case 5% (applicable from 01.10.2020) 206C(1G) Selling of overseas tour package 5% (applicable from 01.10.2020) 206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from business exceeds Rs 10 Crore during immediately financial year 0.1% (applicable from 01.10.2020) Non Residents Add:Surcharge / E.Cess / SHE.Cess 1.Surcharge: Non Resident Individual / HUF/AOP/BOI/Artificial Jurisdical Personal -10% if income exceeds ₹ 50 Lakhs but does not exceed 1 Crores -15% if income exceeds ₹ 1 Crores -25% if income exceeds ₹ 2 Crores -37% if income exceeds ₹ 5 Crores Non resident co-operative society / firm -12% Surcharge in case of Non Resident other than Foreign Company exceeds ₹ 1 Crore. -Non Resident company -2% Surcharge in case of foreign company and amount exceeds ₹ 1 Crore to ₹ 10 Crore. In case of more than ₹ 10 Crore, 5% surcharge is applicable. 2. Cess Health and Education Cess - 4% of Income Tax