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TMI BlogRates of Tax Collection at Source for the Financial Year 2024-25X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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) Upto 31.12.2024 - Sale Value of Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt by the Finance Act, 2023) shall continue to apply. [ Circular no. 10/2023 Dated 30th June 2023 ] Earlier and new TCS rates are summarised as under: Nature of payment (1) Earlier rate before Finance Act, 2023 (w.e.f. From 1st October 2020 to September 2023) (2) New rate w.e.f 1st October, 2023 (3) LRS for education, financed by loan from financial institution Nil upto Rs 7 lakh 0.5% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... %." (Budget 2023, Amendment) * 2.2 TCS rate in case of Non Availability of PAN and not filing of ITR * If the provision of section 206CC (i.e. PAN not available) of the Act is applicable to a "specified person", in addition to the provision of this section, the tax shall be collected at higher of the two rates provided in this section and in section 206CC of the Act. * 2.3 Collectee i.e. Spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidents 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 Res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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