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What is TCS?
Are the rates of TDS and TCS same??
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Answer / subhash jaiswal
Tax Collection at Source or TCS, as the name implies, means
collection of tax at source by the seller or collector,
from the buyer of the goods. As prescribed under Income Tax
Act 1961, it is mandatory on the part of the buyer to pay a
predetermined value of TCS to the seller, while purchasing
a particular commodity. TCS is generally set for business
or trade in alcoholic liquor, forest produce, scarp, etc.
Various lease, license and contracts related to areas like
parking lot, mines and toll plaza also falls under the
umbrella of TCS in India.
TCS is generally collected when amassed or when paid,
whichever is earlier. The seller or collector who collects
the tax is required to deposit it in any of the designated
branches of the certified banks. Tax Collection at Source
is implemented to curb tax evasion and also to facilitate
proper tax collection in India. The various goods which
come under the policy of TCS are listed below along with
their rates.
Nature of Goods Percentage/Rate of Tax
Alcoholic liquor 1
Timber obtained under forest lease 2.5
Tiber obtained without forest lease 2.5
Tendu Leaves 5
Other forest produce, excluding Tendu leaves and Timber 2.5
Scrap 1
| Is This Answer Correct ? | 68 Yes | 8 No |
Answer / afridi
basic difference between tds and tcs is
tds is deducted on payment and
tcs is collected on receipts.
i think all about tds so its easy to explain you tcs.
tcs is applicable u/s 206 c of i.tax act and applicable on
following items
(i)Alcoholic Liquor for human consumption
one per cent
(ii)Tendu leaves
Five per cent
(iii)Timber obtained under a forest lease
two and one-half per cent
(iv)Timber obtained by any mode other than under a forest
lease
Two and one-half per cent
(v)Any other forest produce not being timber or tendu leaves
Two and one-half per cent
(vi)Scrap
One per cent:]
| Is This Answer Correct ? | 57 Yes | 1 No |
Answer / madhavi
TDS means Tax Deducted at Source
TCS means Tax Collected at Source
In case of certain income, tax is deducted at source by the
payer at the prescribed rates either at the point of
accrual or payment of such income. On same lines tax is
collected at source by the seller from buyer/ licensee/
lessee at the time of debiting the amount to the account of
such buyer/ licensee/ lessee or the receipt of the payment
whichever is earlier.
The tax rates of TDS and TCS will be the same according to
the Prescribed rates of INCOME TAX ACT.
| Is This Answer Correct ? | 60 Yes | 18 No |
Answer / anu
tcs is collected by the seller of scrap goods as per the
tax percentage
| Is This Answer Correct ? | 55 Yes | 27 No |
Answer / megha
TCS stands for tax collection at source. In case of profits
and gains from the business of trading in alcoholic liquor,
forest produce, scrap etc. u/s 206C(1) of the Income Tax
Act, 1961 seller is required to collect the income tax from
the buyer as per the specified rates either at the time of
receipt of such amount or at the time of debiting amount
payable by the buyer to his concerned account.
| Is This Answer Correct ? | 31 Yes | 6 No |
Answer / ranjodh
Surcharge & cess is removed on TCS w.e.f. 1.10.2009 also
as TDS/ TCS rates are efective from 1.10.2009
| Is This Answer Correct ? | 23 Yes | 2 No |
Tax collected at source. this is tax mainly levied
on "scrap sales" the present rate is 1% + surcharge & cess.
| Is This Answer Correct ? | 22 Yes | 8 No |
Answer / n.p.rao
TCS is the Tax Collected at Source. The rates of TDS & TCS
are not the same. For Indian companies w.e.f 01.10.09 the
surcharge & Cess are not applicable on TCS rate which are
different for different items e.g. for Scrap 1%
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / jugal das
TCS=Tax Collected at Source
Both Rate Depand on neture of Goods
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / ankit jain
TDS STANDS FOR TAX DEDUCTED AT SOUCRE
WHILE
TCS STANDS FOR TAX COLLECTED AT SOURCE
TCS MAINLY CHARGED ON FOLLOWING GOODS & TAX RATE IS
APPLICABLE ON FOLOWING %
GOODS %
1)SCRAP GOODS 1
2)LENDUA PATA 5
3)TIMBER 2.5
| Is This Answer Correct ? | 7 Yes | 3 No |
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