You are required to discuss the provisions related to tax deducted/collected at source for the below mentioned independent scenarios and amount of…

(i) By virtue of section 206C(1A), Mr. Suresh is not required to collect tax at source under section 206C(1), since Mr. Rajesh has furnished a declaration to Mr. Suresh that the scrap purchased by him is for manufacturing process carried on by him and not for trading purposes. However, as clarified vide Circular no. 13/2021 dated 30.6.2021 and Circular No. 20/2021 dated 25.11.2021, TDS under section 194Q will be attracted in the hands of the buyer in such cases covered under section 206C(1A), if the conditions specified under section 194Q are fulfilled. In this case, tax is required to be deducted at source under section 194Q by the buyer, Mr. Rajesh, since his turnover in the immediately preceding financial year i.e., F.Y.2024-25 exceeds ₹ 10 crores and he has purchased goods of the value or aggregate of such value exceeding ₹ 50 lakhs in the F.Y.2025-26. TDS u/s 194Q would be 0.1% of the sum exceeding ₹ 50 lakhs and the same has to be deducted at the time of payment or credit of such sum to the account of resident seller, whichever is earlier. Therefore, in the present case, Mr. Rajesh is required to deduct tax at source @ 0.1% of ₹ 15,00,000, being the amount exceeding ₹ 50 lakhs (₹ 49,00,000, being the payment made plus ₹ 16 lakhs, being the amount credited to the account of Mr. Suresh). (ii) Mr. Jaspal, a resident, is entering into an agreement with Gayatri Ltd., a real estate developer, to develop a high-rise apartment complex on his land for a consideration of ₹6.5 crore and 6 flats in the apartment. This is a specified agreement under section 45(5A). As per section 194-IC, Gayatri Ltd. is required to deduct tax at source @ 10% on ₹ 6.5 crores, being the consideration paid other than consideration in kind, under a specified agreement to Mr. Jaspal. Tax is to be deducted at the time of credit of such sum or payment, whichever is earlier. Tax u/s 194-IC would be = ₹6.5 crore x 10% = 65 lakhs (iii) State Government is required to collect tax at source@2% u/s 206C(1C) on ₹ 12 crores, being the charges for lease of coal mine. TCS = 2% x ₹ 12 crores = ₹ 24,00,000 M/s Turbo Co. Ltd. is required to collect tax at source @ 1% u/s 206C(1) on sale of coal to M/s Quick (P) Ltd. TCS = 1% of ₹ 1 crore = ₹ 1,00,000.