Feb. 17, 2021, 11:19 p.m.
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
Types of goods on which Tcs is levied.
(i) Liquor
(ii) Tendu leaves
(iii) Timber wood
(iv) Forest produce
(v) Scrap
(vi) Motor vehicles
& few other items.
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
Types of goods on which Tcs is levied.
(i) Liquor
(ii) Tendu leaves
(iii) Timber wood
(iv) Forest produce
(v) Scrap
(vi) Motor vehicles
& few other items.
Exemptions for TCS;
Tax collection at source is exempted in the following cases :
1. When the eligible goods are used for personal consumption
2. The purchaser buys the goods for manufacturing, processing or production and not for the purpose of trading of those goods.