Tax collection at source

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govind rawani

govind rawani (Querist)
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05 September 2014 what is TCS?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 September 2014 Tax Collected at Source (TCS) means Collection of Tax at the Source by the seller or collector from the buyer of goods on sell of specified goods and deposited to the government. TCS is collected under the Sec 206C of Income Tax Act 1961 and TCS should be deposited by the seller within seven days from respective month. For TCS collected by seller, seller has to issue TCS Certificate of amount collected within one month from the collection of TCS. Seller has to file TCS returns in Form 26EQ quarterly.

For TCS Rates check out below link--

http://www.simpletaxindia.net/2014/08/tds-rate-chart-fy-2014-15-ay-2015-16.html