TAX COLLECTED AT SOURCE (TCS)
What is TCS?
The 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%
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):
What is TCS?
The 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%
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):
No comments:
Post a Comment