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Answer Posted / 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 |
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#IS IT NECESSARY TO COLLECT T.C.S ON EVERY POINT OF SALE# THAT IS IF MANUFACTURER SOLD ANY OTHER FOREST PRODUCE NOT BEING TENDU LEAVES (T.C.S @ 2.5%)TO TRADER,IS IT NECESSARY FOR TRADER TO DEDUCT T.C.S.MANUFACTURER ALREADY CHARGED T.C.S TO TRADER & ISSUED TO TRADER 27-D FORM.WAITING FOR CLEAR CUT REPLY
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