Understanding Tax Collection at Source (TCS) - rates, payments, and exemptions. Stay informed!
Source: Bank Bazar
Tax Collected at Source (TCS) is an additional amount collected as tax by a seller from the buyer at the time of sale on specified goods, remitted to the government.
Source: Bank Bazar
Section 206C of the Income Tax Act governs the goods on which TCS is applicable. - Rates vary for different goods like Liquor, Timber, Minerals - Sellers must have TAN to collect TCS
Source: Bank Bazar
Collection and management of TCS involve timely deposit of the collected tax, filing of quarterly returns in Form 27EQ, and adherence to deadlines.
Source: Bank Bazar
TCS exemptions exist for transactions like personal consumption and non-trading purposes.
Source: Bank Bazar