Tcs
tcs
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Hello,
Tax Collected at Source (TCS) is to be collected by the seller from the buyer at the time of sale of specified category of goods. The TCS Rate is different for each category of goods and the TCS so collected by the seller from the buyer is to be required to be deposited with the govt.
TCS Rates
| Nature of Goods | TCS Rate |
| Alcoholic liqour for human consumption | 1% |
| Tendu Leaves | 5% |
| Timber obtained under a Forest Lease | 2.5% |
| Timber obtained by any mode other than Forest Lease | 2.5% |
| Any other Forest produce not being forest timber or tendu leaves | 2% |
| Scrap | 1% |
| Parking Lot, Toll Plaza, Mining and Quarrying | 2% |
| Minerals being Coal or Lignite or Iron ore (applicable from 1st July 2012) | 1% |
| Bullion if consideration exceeds Rs. 2 Lakhs or jewellery, if consideration exceeds Rs. 5 Lakhs (and any amount is received in cash) (applicable from 1st July 2012) | 1% |
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