Answer Posted / 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 |
Post New Answer View All Answers
what is WCT rate in chhattisgarh
Hi, Is there limit of applicablity of excise payment for any orgnization...?? what is date of excise payment..?? Excise return date & what procedure & how to take benifit availing service tax in excise return..? What form reuire for Excise Return..??
I am a civil Engineer consultant. On an item for example Rs.100, I am adding 4%WCT ie., Rs.4 and I am certifying the contractor bill for Rs.100.00 + Rs.4.00 = Total Rs.104.00. But my client is deducting 4% on Rs.104.00 ie., Rs. 4.16. So, finally contractor is losing Rs. 0.16 on Rs. 100 which amounts to lakhs on the project value. Can you please guide me on this? Santosh Kumar
Which is the section or rule for non submitting c forms panelty and interest
what is the actual use of pure agent in tally erp 9 and why we use in tally .and what is the role of pure agent
due date for issue of C form, if c form is not issue what will be the consequences
A individual advocate recievs legal fees. is he liable to pay service tax @ 12.36% on it?
What are the treatment & implications in case interstate sales transaction if party is not registered (Individual or other then individual)
Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.
tds will be charged by hotel industry on what
Under the provisions of the BST Act, no registered dealer is allowed to collect any amount by way of tax in excess of the amount of tax payable by him. Excess tax collected is to be forfeited to Government. However i want to know whether tax payable amount is the amount before the set off claimed or the tax payable amount after availing the set off.
When and how Wct is applicable on Labour Job Work and what is the percentage?
What is Labour Cess? Pl. define. & what is rate of Labour cess.
a x company deduct tds against our bills so how i entry this type of transaction in talyy 9.0 ?
should we can take modvat benefit any time or they have some limit time to take input benefit claim?