Exemption from TCS under subsection (1F) of section 206C in case of certain specified buyers :

CLAUSE(S) OF FINANCE BILL, 2017	PARTICUL ARS OF AMENDME NTS	SECTION	AMENDMENT / NEWLY INSERTED	APPLICABLE W.E.F.	BRIEF OF AMENDMENT
71	Exemption from TCS under subsection (1F) of section 206C in case of certain specified buyers	section 206C Explanation (aa) sub clause(iii) inserted	Amendment	1st April, 2017	It is proposed that TCS u/s 206C is not required to be collected on receipt of consideration for sale of a motor vehicle exceeding Rs.10 lakhs by CG, SG, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; local authority as defined in explanation to Section 10(20); a public sector company which is engaged in the business of carrying passengers.