TAX COLLECTED AT SOURCE (TCS)

What is TCS?

The seller has to collect tax from the payer who has purchased the following items :

The TCS on the above mentioned items vary from 1% to 5%

Deposit of TCS amount- within seven days of the following month.

Issue of TCS certificate- within in one month of collection /debit(form 27D)

The rates of TCS for representative purpose (Financial Year 2010-11):

TCS Rates2.png

 

Disclaimer

Please note :

The information given above is to convey the general understanding of TDS and TCS provisions. For detailed information Income Tax Act 1961 shall be consulted. The changes in the Act may be incorporated in the information as and when required.