TCS Means Tax Collected at Source

It is a tax which is to be collected on Certain Incomes

Suppose A makes Sale of 100000 to B on which TCS @ 1% is applicable

In this Case,

A will be collect 101000 from B (100000 Sales Amount+1000 TCS)

A will deposit 1000 TCS with Government

tcs-in-gst-image.jpg



Who is the Collector and Collectee in this case?

View Answer
  1. Tax Practical
  2. Practical TDS (Non Salary)

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .