TAX COLLECTION AT SOURCE ON SALE OF COAL

[DILIP DOSHI]

 
SIR,
 
PLEASE CLARIFY UNDER WHICH PAYMENT CODE IN CHALLAN 281
TAX COLLECTION AT SOURCE ON SALE OF COAL IS TO BE PAID
 
AS I DO NOT FIND ANY CODE ON THE REVERSE OF CHALLAN 281
THIS TCS IS APPLICABLE FROM 1-7-2012 AND 07TH AUGUST  2012 IS
PAYMENT DATE FOR JULY 2012 TCS ON SALE OF COAL.
 
E-PAYMENT UNDER WRONG CODE WILL CREATE PROBLEMS AT THE TIME OF FILING
E-TDS/TCS-RETURNS AND ALSO RATE OF TCS IS NOT SAME FOR ALL TCS CODE .  
 
DILIP DSOHI, F.C.A

[DILIP DOSHI]

REQUEST FORUM MEMBERS TO GIVE THEIR VALUABLE SUGGESTION

ON THE UNDER NOTED MATTER 

 

TCS CODE REQUIRED IN CHALLAN-281 AS NO NEW CHALLAN OR TCS CODE NOTIFIED TILL

07-08-2012 LAST DATE OF PAYMENT OF TDS/TCS FOR JULY 2012

 

NOW UNDER WHICH CODE TAX COLLECTION AT SOURCE FROM SALE OF COAL BY TRADER TO BE PAID FROM 1-7-2012.

SECTION IS 206 AND NATURE OF PAYMENT IS COLLECTION AT SOURCE FROM SALE OF COAL BUT CHALLAN 281 HAS NO

CODE FOR THE ABOVE PAYMENT TILL DATE i.e. 06-08-2012 AND PAYMENT CAN NOT BE MADE UNDER OTHER CODE AS

RATE OF TCS IS DIFFERENT. PL. CLARIFY AS PAYMENT IS GETTING DELAYED FOR THE MONTH OF JULY 2012.

 

DILIP DOSHI, F.C.A

[atulmehta55 mehta]

Sir   I think code   6CH is given for the purpose CA ATUL MEHTAA.P.MEHTA & ASSOCIATES39, Chakraberia Road (South)Kolkata - 700 025Mobile : 9830027784Office  : +91+33+24741584 --- On Mon, 8/6/12, DILIP DOSHI <indiandi...@msn.com> wrote:

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[Rajendra Prasad Shukla]

Dear Sir, As per the law relating to TCS; 1.If COAL is used in production/ process as input, only deceleration in FORM-27 is required, to be taken and filed within 7th of next month to concerned CIT. 2.In any other case u have to deduct the TCS @1% and deposit it to the CENTRAL GOVT account within 07th of next month and file a return of TCS quarterly like in TDS. In TCS only 85% PAN is required in case no pan in 15% cases no penalty like in TDS (20% TDS) is applicable. This is the legal position regarding provisions of TCS at present. Thankyou CA.R.P.Shukla M.COM., LL.B, FCA, D.I.S.A.(ICAI), C.A.A.T.(ICAI), ASSOCIATE(I.I.I.) Secretary The Income Tax Bar association, Allahabad 9415444017 & 9793920015 Allahabad --- On Mon, 6/5/13, bijayp...@gmail.com <bijayp...@gmail.com> wrote: From: bijayp...@gmail.com <bijayp...@gmail.com> Subject: [CA RUNGTA PD] Re: TAX COLLECTION AT SOURCE ON SALE OF COAL To: foru...@googlegroups.com Cc: a...@incometaxindia.gov.in, echange-pro...@googlegroups.com, indiandi...@msn.com, sav...@rediffmail.com Date: Monday, 6 May, 2013, 12:26 PM There is utter confusion on Tax collected at source on coal not only with us but with all the coal traders. Coal Traders are buying coal from Coal India Ltd under e.auction.Which means Coal India Ltd collects TCS from traders every time they sell coal to traders and Govt of India gets 1%.  When traders are selling same coal bought from Coal India Ltd ,loaded in trucks in cash/cheque to traders do they need to again collect TCS from these traders and deposit again and again every time it is sold. In case of cash sale there is no Pan No or true name and address of buyer in whose account the money has to be deposited because the return is  not accepted if PAN No is not filled. As per me the circular says if used for manufacturing,processing ,power generation or industrial consumption TCS should not be collected. TCS means to be collected at source which means where the first transaction takes place and not repeatedly. When Coal India Ltd collected the TCS from Traders Govt gets 1% and if that trader does not claim govt gets this revenue. This needs immediate clarification. request immediate clarification and guidance on the matter Bijay Poddar

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