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

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Who is the Collector and Collectee in this case?

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.