CK & Company is engaged in the diversified business of sale of Indian made foreign liquor, tendu leaves, forest produce neither being timber nor tendu leaves required to collect TCS as per section 206C of the Income

CS Executive · Tax Laws · PYQS · December 2020
CK & Company is engaged in the diversified business of sale of Indian made foreign liquor, tendu leaves, forest produce neither being timber nor tendu leaves required to collect TCS as per section 206C of the Income Tax Act on the amount of sale proceeds of these products/items during the previous year ended on 31.03.2020 at the rate of
(A) 1% on all the three
(B) 1%, 5% & 2.5%
(C) 2.5%, 1% & 5%
(D) 5%, 1% & 2.5%

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Tax Collected at Source (TCS)

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