TCS

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11 December 2010 WHAT IS TCS AND HOW TO CALCULATE?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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16 December 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. Tax Collection at Source is implemented to curb tax evasion and also to facilitate proper tax collection in India. The various goods which come under the policy of TCS are listed below along with their rates.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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16 December 2010 VISIT THIS LINK

https://www.caclubindia.com/share_files/tds-tcs--an-overview-33121.asp

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