12 Major Changes in Tax rates from 1st June 2016

If the consideration for sale / provision of service is received in cash exceeding Rs. 2 lakhs, then the seller will have to collect 1% TCS from the buyer and pay it to the government. 1% TCS will have to be deducted by the seller in case of sale of car whose value exceeds Rs. 10 lakhs. Deduction of TDS yearly limit for Contractor Section…