What is tax collected at source?

1.TCS is the tax which is collected by sellers while selling something to buyers.

2.TCS is applicable on sales of specific goods which don’t include production or manufacturing material.

3.The seller deposits the TCS amount to the government within the specifed period.

4.The Seller provides a TCS certificate to the buyer.

5.Form 26AS displays details of TCS by a seller of specified goods when such goods were sold to the buyer.

Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

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