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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on TDS or TCS on sale or purchase of goods |
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Whether TCS provision of section 206C(1H) applies if buyer is a person whose income is exempted from income tax? |
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Ans. No tax is required to be collected where goods are sold to a buyer who as a person is exempt from income tax under the Income-tax Act or any other Act passed by the Parliament. However, this exemption is not available if only part of the income of the buyer is exempt from tax. |
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