No TCS u/s 206C(1F) on Any Payment Received From Reserve Bank of India | CBDT
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- Last Updated on 18 October, 2024
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Notification No. 115/2024, dated 16-10-2024
The Finance (No. 2) Act, 2024 has substituted the sub-section (1F) of Section 206C with effect from 01-01-2025 to extend its scope to every person, being a seller, who receives any amount as consideration for the sale of any other goods of value exceeding Rs. 10 lakhs, as may be notified by the Central Government. The substituted section 206C(1F) provides that tax shall be collected if the value of the motor vehicle or other notified goods exceeds Rs. 10 lakhs.
The CBDT has notified that no tax shall be collected under section 206C(1F) on any payment received from the Reserve Bank of India (RBI). This notification has been issued in the exercise of the powers conferred by section 206C(12).
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