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
- 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, 2011-2012):