Tcs
This query is : Resolved
24 November 2011
TAX COLLECTED AT SOURCE (TCS)
What is TCS?
he seller has to collect tax from the payer who has purchased the following items :
• Alcoholic liquor for human consumption
• Tendu leaves
• Timber obtained under a forest lease
• Timber obtained by any mode other than under a forest lease
• Any other forest produce not being timber or tendu leaves
• Scrap
• Parking lot
• Toll plaza
• Mining and quarrying
The TCS on the above mentioned items vary from 1% to 5%
Who is Seller?:
following persons are covered under the scope of the seller for TCS purpose
1. The Central And State Government.
2. Local authority
3. Statutory corporation or Authority
4. Company
5. Firm
6. Co-operative society
7. Individual or Hindu undivided family(HUF) if covered under section 44AB (mandatory Audit)
Who is Buyer?
• Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, specified goods ,or right to receive any such goods
• but does not include:
1. Public sector company,
2. Central/state Government,
3. Embassy, a high commission, legation, consulate and the trade representation of a foreign state and
4. A club
5. A buyer in the retail sale of such goods purchased for personal consumption
So goods purchased by consumers are not covered under TCS
When tax has to be collected.
• Tax (TCS) has to be collected at the time of debiting of the amount payable to buyer or at the time of receipt of payment, whichever is earlier.
What is TCS?
he seller has to collect tax from the payer who has purchased the following items :
• Alcoholic liquor for human consumption
• Tendu leaves
• Timber obtained under a forest lease
• Timber obtained by any mode other than under a forest lease
• Any other forest produce not being timber or tendu leaves
• Scrap
• Parking lot
• Toll plaza
• Mining and quarrying
The TCS on the above mentioned items vary from 1% to 5%
Who is Seller?:
following persons are covered under the scope of the seller for TCS purpose
1. The Central And State Government.
2. Local authority
3. Statutory corporation or Authority
4. Company
5. Firm
6. Co-operative society
7. Individual or Hindu undivided family(HUF) if covered under section 44AB (mandatory Audit)
Who is Buyer?
• Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, specified goods ,or right to receive any such goods
• but does not include:
1. Public sector company,
2. Central/state Government,
3. Embassy, a high commission, legation, consulate and the trade representation of a foreign state and
4. A club
5. A buyer in the retail sale of such goods purchased for personal consumption
So goods purchased by consumers are not covered under TCS
When tax has to be collected.
• Tax (TCS) has to be collected at the time of debiting of the amount payable to buyer or at the time of receipt of payment, whichever is earlier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
