Section 206C (1C) (TCS Parking Lot, Toll plaza, quarrying)

Section 206C (1C) (TCS Parking Lot, Toll plaza, quarrying)

Every person, who grants a lease/license or enters into a contract/otherwise transfers any right/interest either in whole or in part in any parking lot or toll plaza or mine or quarry, to another person, other than a public sector company for the use of such parking lot or toll plaza or mine or quarry for the purpose of business shall, at the time of debiting of the amount payable by the licensee or lessee to the account of the licensee or lessee or at the time of receipt of such amount from the licensee or lessee in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the licensee or lessee of any such licence, contract or lease of the nature specified in column (2) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as income-tax:license

                                                    Nature of Goods                                              TCS Rate

206C (1C)                                   Parking lot                                                        2%

206C (1C)                                   Toll plaza                                                          2%

206C (1C)                                   Mining and quarrying                                      2%     

Explanation 1.—For the purposes of this sub-section, "mining and quarrying" shall not include mining and quarrying of mineral oil. 

Explanation 2.—For the purposes of Explanation 1, "mineral oil" includes petroleum and natural gas. 

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