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
Who is the Collector and Collectee in this case?
View answer
A is called Collector i.e. Person Collecting tax
B is called Collectee i.e. Person from whom tax is collected