1.The rate of Tax Collection at Source (TCS)for the following specified receipts has also been reduced by 25% for the period from 14thMay,20 to 31stMarch,2021:-

Section Particulars Existing Rate of TCS Reduced rate from 14/05/20 to 31/03/21
206C(1) Sale of the following:
a) Alcoholic Liquor for Human Consumption 1% 1% (No Change)
b) Tendu leaves 5% 3.75%
c) Timber obtained under a forest lease 2.5% 1.875%
d) Timber obtained by any mode other than under a forest lease 2.5% 1.875%
e) Any other forest produce not being timber or tendu leaves 2.5% 1.875%
f) Scrap 1% 0.75%
g) Minerals, being coal or lignite or iron ore 1% 0.75%
206C(1C) Grant of lease or license of the following:
a) Parking lot 2% 1.5%
b) Toll Plaza 2% 1.5%
c) Mining and quarrying (Other than mining and quarrying of mineral oil, petroleum and natural gas) 2% 1.5%
206C(1F) Sale of any other goods 1% 0.75%

2. Tax Collection at Source (TCS) on the amount received or debited during the period from 14th May, 2020 to 31st  March,2021 shall be collected at the reduced rates specified in the table in 2 above.

3. It is further stated that there shall be no reduction in rates of Tax Collection at Source (TCS), where the tax is required to be deducted or collected at higher rate due to non furnishing of PAN / Aadhaar.  Eample, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN / Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%.

4. Legislative amendments in this regard shall be proposed in due course.