TCS

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Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 What is Tax Collection at source?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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31 July 2010 When tax is
collected at source by the seller from buyer/ licensee/
lessee at the time of debiting the amount to the account of
such buyer/ licensee/ lessee or the receipt of the payment
whichever is earlier.

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2010 thanks sir

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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02 August 2010 Tax Collection at Source or TCS, as the name implies, means collection of tax at source by the seller or collector, from the buyer of the goods. As prescribed under Income Tax Act 1961, it is mandatory on the part of the buyer to pay a predetermined value of TCS to the seller, while purchasing a particular commodity. TCS is generally set for business or trade in alcoholic liquor, forest produce, scarp, etc. Various lease, license and contracts related to areas like parking lot, mines and toll plaza also falls under the umbrella of TCS in India.

TCS is generally collected when amassed or when paid, whichever is earlier. The seller or collector who collects the tax is required to deposit it in any of the designated branches of the certified banks.

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