TCS Rate chart: What are the applicable TCS rates for FY 2019-20 and 2020-21?



Quick Summary
This article details the Tax Collected at Source (TCS) rates applicable for the financial years 2019-20 and 2020-21, as per Section 206C of the Income Tax Act, 1961. It outlines who is responsible for collecting and paying TCS, and provides a comprehensive chart of rates for different categories of goods and services, including changes implemented from May 14, 2020. The article also covers the requirements for furnishing TCS statements, including the relevant forms and due dates.

What is TCS? As per the Income Tax Act, 1961, certain individuals/businesses have to collect a specified percentage of tax from their buyers on certain transactions. Such tax is known as the Tax Collected at Source or TCS. Section 206C of the Income Tax Act, 1961 deals with the goods on which tax
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