How are you all? Good morning, good evening, good afternoon.
Whoever is watching me right now, I would like to welcome
you all.
Friends, how are you all?
How are you all? Good?
Having fun?
Sir, our TCS topic is going on.
In the last lecture, we had started TCS.
What was TCS?
Whenever you used to buy a specified product, whatever
payment you used to make, on that payment, you used to pay
a little extra amount of TCS to the other party.
There were some products.
The products that are covered in our list, the products
that are covered in the sections, if you are buying the
same products, then only you will be under the liability of
TCS.
Otherwise, the provisions of TCS are not applied to you.
What were those?
What were those things?
Sir, first of all, I remember, we had discussed about Tendu
leaves, alcoholic liquor.
After that, we had discussed about parking lot, toll plaza,
mines query.
Then we had discussed about sale of motor vehicles
exceeding 10 lakhs.
Yesterday, I had a doubt about a child that in motor
vehicles, only cars will be covered or motorcycles like
Harley Davidson etc.
Will these also be covered?
The answer is yes.
There is no mention of motor car.
Read it carefully. I will open it again.
There is no mention of motor car.
There is mention of motor vehicle.
In motor vehicle, trucks are also covered.
Buses are also covered.
Car is there.
Usually, the image is of a car.
But in this, motorcycles are also covered.
In this, trucks are also covered.
In this, if there is a commercial vehicle, then it is also
covered.
But keep in mind, this provision is applicable only on
retail sales.
And it will continue to be applicable.
Definitely.
This provision is applicable only on retail sales.
You and me, if we purchase any vehicle exceeding 10 lakhs,
we have to pay TCS.
But the manufacturer, who is selling the car to the dealer,
any vehicle exceeding 10 lakhs, then that provision is not
applicable on the car dealer.
One more kid's doubt came up.
Sir, we used to cover TDS at the time of payment or at the
time of credit.
Whichever is earlier.
How will it be here?
Here, we will read the sections later also.
Till now, whatever we have read, how will it be in that?
Sir, remember the last lecture.
There is nothing to worry about.
I had said, what is TCS?
There are reverse provisions.
There is a complete reverse mechanism.
If you talk about TDS and in TDS you say, when to deduct,
that at the time of payment or at the time of credit,
whichever is earlier, reverse this.
At the time of receipt or at the time of debit, whichever
is earlier.
It is a simple thing.
Is there any problem in this?
No problem.
But remember, there was a point of 10 lakhs.
In that case, at the time of payment.
At the time of receipt.
At the time of receipt, TCS will be applied.
At the time of debit, it does not work.
Come to the next.
There are new provisions.
New day, new morning, new lecture.
New lecture brings hope with it.
That today we will study something new.
We will learn something new, my dear.
According to a study, it takes 21 days to develop any habit
and keep it inside.
21 days.
If you see our lecture, there is a lecture of half an hour.
There is a lecture of half an hour.
If you make it in your habit, you get a little trouble on
the 21st day.
On the 22nd day, it becomes a habit.
After that, you will not feel the trouble.
You will feel that part of your routine.
And you see this, think this, understand this, that half an
hour's videos are giving you a lot of knowledge.
Sir, the provisions of TCS, you yourself have come to study.
Or the provisions of TDS, you have come to study.
I am telling the truth, these things become very difficult
to understand by yourself.
I have my own personal experience.
I used to study, I did not understand.
I have put a lot of effort on this thing.
Then I can explain in a snap.
Sir, it is not easy to get knowledge.
You have to work hard.
Sir, it takes time.
To write the first letter of love, it takes time.
For the first time, you send a message of hi, hello.
To get a reply from the front, it takes time.
To fly small birds, it takes time.
Come sir.
Sir, you are being very poetic today.
No problem.
You just understand what I am saying.
I am talking about overseas remittance.
Overseas remittance or overseas tour program package.
How and when the provisions of TCS are applied on this.
I am going to talk about that with you now.
There are two points.
Try to understand what I am trying to say.
First is, there is overseas remittance.
Who is doing it?
There is an authorized dealer.
Who will be the dealer?
These money changers, they are authorized dealers.
For example, you want to send money abroad.
You send money through these authorized dealers.
You must have heard about
Western Union Money Transfer.
It used to be very famous in some time.
People who used to live abroad, used to send money in India.
They used to send money through Western Union.
A person from here wants to send money abroad.
He will send money through Western Union.
It is said that there is an authorized dealer who receives
any amount under the liberalized remittance scheme of RBI.
He receives money for overseas remittance from a buyer,
remitting such amount outside India.
This is the first point.
Who am I?
I am from Western Union.
What is my job?
My job is that there is a person sitting here in India.
That person has to send money to his elder brother in Dubai.
His elder brother said that I live in Dubai and I am
getting a very good property here.
Do one thing.
Send me some money from India.
I will buy a property in Dubai in your name.
How can I send money directly?
Sir, the government has said that you will be able to send
money through authorized dealers.
This brother gave money from India to him.
Rupees.
This person sent money to him in Dubai.
He sent money to him in Dubai.
Western Union.
Who is the buyer for Western Union?
You are the buyer.
You gave money to Western Union.
Western Union will give the money to your elder brother.
You are the buyer.
Who will get TCS provisions?
You will get it.
I am from Western Union.
You will give me the money by adding TCS to it.
This is the main point.
Let's move ahead.
Let's read the detailing later.
First, understand the main point.
Is the first point clear?
You send money through authorized dealers.
TCS will be covered at the authorized dealer's point.
What is the second point?
It is the seller.
What does the seller sell?
Overseas Tour Program Package.
Overseas Tour Program Package and receives any amount from
the buyer who purchases the package.
Who am I?
I am the seller.
Of what?
Overseas Tour Program Package.
Do you know the names of Overseas Tour Program Package?
You must be reading in the newspaper that you are spending
5 nights in Mauritius for 1.5 lakhs.
7 nights, 8 days in Canada.
Bangkok, Malaysia, Singapore.
6 nights, 7 days.
What is all this?
Overseas Tour Program Package.
You will get married tomorrow.
I am being frank with you.
You will also go somewhere after that.
Overseas Tour Program Package.
You will also take it with you.
Overseas Tour Program Package is the same.
For travelling.
It covers everything.
Traveling expenses are covered.
If you stay in a hotel, all the expenses are covered.
Food expenses are covered.
Overseas Tour Program Package if you go to a person who is
sitting somewhere, you will go to him and discuss with him
that we
have to go to Bangkok, Malaysia and Singapore.
Our tour will last for 7 days.
7 nights and 8 days.
Generally it goes like this.
In that 2-3 days we will cover all 3 countries.
One day we will cover sightseeing.
The person who is sitting in the Overseas Tour Program
Package will say that this will be our package.
We will make you stay in this hotel.
We will make a batch of 7-8 people.
They will go together and travel in the same bus.
Generally it goes like this.
What is he selling you?
Overseas.
He is selling dreams.
overseas tour program package is being sold to you.
You are a buyer.
Overseas tour program
package is being sold to you.
You are a buyer.
So, the main provision is that you will add a little TCS to
the payment and you will pay that person.
There is a rate of 5% in both cases.
There is a rate of 5%.
You send the money abroad.
You are doing overseas remittance.
You add 5% and send.
There is an overseas tour program package.
You buy that.
So, in that case also, you have to add 5%.
You have to add 5% and make the payment.
Come here.
There are some exemptions in this.
Come here.
And when do you have to collect TCS? At the time of debit
or at the time of payment, whichever is earlier.
Come here.
What will be the rate of TCS in this? There are different
rates.
See, first he is talking about remittance.
See, what does it say? Read the first A.
Where the amount is remitted for a purpose other than the
overseas tour program package.
You are sending money abroad.
This is not for the tour package.
You are sending it for some other purpose.
And you are sending a lower amount than Rs. 7 lakhs. You
have sent Rs. 5 lakhs abroad.
You have sent Rs.
6 lakhs abroad.
You have sent Rs.
6,99,999. So, what is the rate of TCS on you? There is no
rate on you, my dear, in that case.
The government is a little kind.
They say, no problem.
You are sending money abroad.
There is no problem.
Send up to Rs.
7 lakhs.
Yes, the condition is that there is no money for the
overseas tour.
are sending money for some other purpose.
You have bought a property.
You have to invest somewhere.
In that case, you send up to Rs.
7 lakhs.
No provisions of TCS are applied.
Come to the second point.
What does it say? Where the amount is remitted for a
purpose other than the tour program package and the payment
is above Rs.
7 lakhs.
I don't send money for the tour package.
I send for investment purpose.
I send for some other purpose.
I send more than Rs.
7 lakhs.
In that case, what will be the rate? 5% of the amount in
excess of Rs.
7 lakhs.
Means, you have sent Rs.
10 lakhs to your brother in Dubai.
So, what will be the rate? 5% of whatever is above Rs.
7 lakhs.
Means Rs.
3 lakhs is above.
You have sent Rs.
10 lakhs.
So, what is above Rs.
7 lakhs? Rs.
3 lakhs.
5% of that.
This is the point, sir.
This is the point.
If it is above Rs.
7 lakhs, then 5% in excess of
Rs. 7 lakhs.
Come to the third point.
What is the third point? Where the amount being remitted is
a loan obtained from the financial institution for the
purpose of education and the amount being more than Rs.
7 lakhs.
In that case, the government says that you have sent your
children abroad for the purpose of education.
We also understand.
Do you remember the time in Ukraine when there was a war
between Ukraine and Russia? In that case, I remember that
there were many medical students in Ukraine who were
trapped at that time.
Medical studies in Ukraine are said to be very good.
I have no idea what is good or what is not.
Neither do I have an opinion.
But I remember that at that time, many students of Ukraine
were trapped there.
There were Indian students who were studying medical
studies in Ukraine.
So, in that case, their family members must have been
sending them money.
It is possible that someone took an education loan and took
the loan and gave that money to them in Ukraine.
So, this provision is for those people who took a loan from
India and sent money to them in Ukraine.
In that case, what is the provision of TCS? Where the
amount being remitted is a loan obtained from the financial
institution and the remittance is more than Rs.
7 lakhs.
So, in that case, the rate will be half percent of the
amount in excess of Rs. 7 lakhs.
More than Rs. 7 lakhs, half percent of the amount will be
TCS. These are the points.
We have two points. One is that you have directly made a
payment to your brother.
You have made overseas remittance. If it is more than Rs. 7
lakhs, then the rate is 5 percent.
You have bought an overseas tour program package for your
wife. In that case, the rate is 5 percent.
You took an education loan and sent money outside. You sent
more than Rs. 7 lakhs.
The rate will be half percent. It is a simple provision.
It is a simple provision. There is no problem.
Let's talk about some other cases.
No TCS by the authorized dealer on an amount in respect of
which some has been collected by the seller.
If the seller collects TCS, the dealer does not collect TCS
again.
No TCS if the buyer wants to collect TDS in some other
section and he has also taken a tax card.
You are a buyer. For example, you want to collect TDS in
some other section.
You have taken my TDS card.
I will not collect TCS from you again.
You have taken my TDS card.
If I take your TCS card, then this will continue.
You take my card. I will take your card.
It is not like that.
If the buyer has taken TDS card in any section of the
seller, then TCS provisions do not apply here.
And the third point, which is the government's point, says
that no TCS provision is applicable on the government.
No TCS, if the buyer is an overseas two-prong package, the
buyer is the central government or the state government,
then in that case, no TCS provision applies.
This is the point, friends.
Is this section clear?
Are the points clear?
We have done four topics in TCS till now.
One is the alcoholic liquor section.
Which one is that?
The parking lot section.
Which is the other one?
The vehicle section.
Don't say vehicle because it will sound like a purchase of
a car worth 10 lakhs.
It is a motor vehicle.
It can be a bike or a truck.
It can be anything.
The motor vehicle section.
And which is the fourth one?
The overseas one.
I think you will need the overseas one in your practical
life as well.
Whenever you get married, you will apply for the overseas
section.
So, if you are not able to understand, then rewind the
video again.
Don't insult yourself at that time.
If you go abroad, you should also have a say on the other
party.
Yes, we also have the knowledge of tax.
If you go abroad, you should have an attitude.
You should know where to cut the TCS and where not to cut
the TCS.
In that case, you will have a different respect for the
person.
The other party will think, what kind of a person he is.
He is a very knowledgeable person.
In that case, thank God.
And remember me at that time as well.
Okay? This is the last section.
And this is a copycat.
This section is a copycat.
Which section?
We had studied section 194Q in TDS.
First, let me tell you what we had studied.
I remember very well.
In that section, we had studied that if in the last year,
the sales were more than 10 crores, then if you used to buy
more than 50 lakhs, then you had to cut the TDS.
This is a copycat.
This is also a TCS point.
If your sales were more than 10 crores in the last year,
then if you collect more than 50 lakhs, then you have to
collect TCS on whatever sales you do.
For example, my childhood friend, my dear friend,
Mukubhai, my dear friend, both of us used to immerse
ourselves in the pond of the village.
Come here.
In his case, his sales are more than 10 crores.
Reliance Industries' annual sales are more than 10 crores.
In the previous year, the sales were more than 10 crores.
So, keep this in mind.
What is this?
Section says,
Tax is required to be collected by the seller.
Who used to collect there?
Buyer. Who is here? Seller.
Tax is required to be collected by the seller who receives
any amount for sale of goods of the value exceeding 50 lakh
rupees in the previous year.
There is no export in this.
Other than exported goods.
Tax is to be collected at 0.1% of the sales exceeding 50
lakh rupees. More than 50 lakhs you sell to any person and
more than 10 crores is your turnover in the last year.
So, whenever you sell to that good person, tell him that
TCS provision is applied on you.
You have sales exceeding 50 lakhs.
TCS of 0.1% you will definitely fill.
Definitely.
But the other party can also say this.
Think about it.
Because the same Ditto provision is of TDS.
Same Ditto provision is in TCS.
The other party can also say that
I had sales exceeding 10 crores in the last year.
And in 194Q it was written that more than 50 lakhs you buy
goods from a person and you pay him. deduct 0.1% of TDS
What is written here?
More than 50 lakhs, if you sell, then collect
There can be a conflict between both the parties
Why does 194 say to deduct TDS?
Here it says to collect
Both the parties had more than 10 crores in sales last year
So who will be the winner?
This one or that one?
Should we deduct TDS or TCS?
This is a very good point
There can be a conflict
Because TDS is also being applied on it
The case I told you about
TCS is also being applied on it
So what should we do?
Should we deduct TDS or TCS?
What do you think we should do?
TDS or TCS?
What do you think?
TDS And the one behind you?
TCS Son, what do you think?
TCS Come here
Let's check who is right and who is wrong
Read this red point
Tax is however not to be collected
Just read up to this point
Tax is not to be collected
Means TCS will not be applied
Because it is collected
So TCS will not be applied
When? If the buyer is liable to deduct tax at source
Under any other provision of the Act
If the buyer wants to deduct TDS
If the buyer is liable to deduct TDS
Then you should step back
TCS should step back
TDS should deduct TDS
You should step back
It is his responsibility
The first preference is given to TDS
So if TDS is being applied on you
You deduct TDS
I will step back
I don't deduct TDS
This is what is written
Tax is not to be collected
And if the buyer is liable to deduct tax at source
On the goods purchased from the seller
And he has also deducted
But if the buyer forgets to deduct
In that case, you are free
You can collect your TCS
But the first preference
Should be given to TDS
This is the point
All five of our heads have been covered
Where does TDS apply
He has given the definition of scrap
Waste and scrap
Let's finish this topic
Let's finish it in this video
He is saying higher rate of TCS for non-furnisher of pen
Same with Ditto provision
In TDS also, the person who kept his privacy on
Was a very private person
He didn't even give the pen number
Same here
The person with whom I am collecting tax
That person is not ready to give me his pen number
In that case, what did the government say
Punish him
It is a good thing that he has so much privacy
At least he has shown his DP
In that case, what does the government say
In that case, the government says
If you don't give your pen number
Then collect TCS at double rate
Twice the rate specified in the provision of the act
Or at the rate of 5%
Twice the rate or at the rate of 5%
If the rate is 2%
Then in that case, 4% or 5%
In the case of 5%
This is the point
But in the case of overseas
In the case of overseas
Not overseas, the other one
The one with 50 lakhs
In that case, it will be 1% instead of 5%
In that case, it will be 1%
This is the point
Any problem with this
Read it
The provision of 206
CC requires tax collection at the higher of the following
Whichever is higher
Like the motor vehicle
In the motor vehicle, you don't give your pen number 1% TCS
rate
So what is the double rate of 1% 2% Or 5% whichever is
higher
In that case, your TCS will be 5%
That's why
If the provisions of TCS
Are being applied on you
Then don't turn on the privacy
Give your pen number photocopy
To that person
Give it to him
Otherwise, double marks will be added
Double marks will be added
How much will you pay
You are buying an expensive car
And you are paying TCS
Will you pay TCS at double rate
Higher of the following
Twice or 5%
And these provisions
Will be applied to non-resident
You don't file income tax return
If you don't file income tax return
Higher of the two rates
Twice or 5% whichever is higher
These are the points
I think we have already covered
TCS Till when do we have to collect TCS
I have collected it from you
But I can't keep this money in my pocket
There is tax
I will collect it on your behalf 7th of the next month
When is TCS 7th of the next month
Returns will be
Quarterly on 15th
15th July, 15th October, 15th January
And 15th May
When will be the deposit 7th of the next month
You have seen the rates
If you don't give pen number
Then double
Or 5% whichever is higher
But if it was 206 or 1H
Then instead of 5%
It will be 1%
These are the points
TCS ends with this
And not just TCS
TDS, Advance Tax
And TCS, all three are very
High level topics
Very important in practical life
Whenever you will pay someone
Pay by deducting TDS
If you are selling all these products
Collecting TDS
All these things should be in your mind
I have explained this much
I expect this much
From you
Maybe you don't remember the rate
But if someone says
Alcoholic Liquor
You will feel
Yes TCS is applicable
I don't know the exact rate
But it is applicable
Yes it is applicable
Will you open your notes
Or google it
But my main crux
To teach you
Is that you should have in your mind
Yes TCS is applicable
This is what the teacher told
This is my objective
My style is unique
I don't consider myself as a teacher
I am still a student of this subject
I don't consider myself as a teacher
Or a student
I don't consider you as my younger brother
I have tried my best
To teach you TDS and TCS
I have covered this topic
In detail
I will meet you in the next lecture
Till then revise it
Read it properly
If you have any doubts
You can ask me
Thank you