16 February 2011
1.What is TCS?? 2.What is the due to deposit of TCS??? along which form???? 3.what is due date of return??? 4.What are the rates of TCS??? 5.What are the Interest and Penalties for late deposit of TCS??? 6.What are the Interest and Penalties for filing of TCS return???
he seller has to collect tax from the payer who has purchased the following items :
* Alcoholic liquor for human consumption * Tendu leaves * Timber obtained under a forest lease * Timber obtained by any mode other than under a forest lease * Any other forest produce not being timber or tendu leaves * Scrap * Parking lot * Toll plaza * Mining and quarrying
The TCS on the above mentioned items vary from 1% to 5%
Who is Seller?: following persons are covered under the scope of the seller for TCS purpose
1. The Central And State Government. 2. Local authority 3. Statutory corporation or Authority 4. Company 5. Firm 6. Co-operative society 7. Individual or Hindu undivided family(HUF) if covered under section 44AB (mandatory Audit)
Who is Buyer?
* Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, specified goods ,or right to receive any such goods * but does not include:
1. Public sector company, 2. Central/state Government, 3. Embassy, a high commission, legation, consulate and the trade representation of a foreign state and 4. A club 5. A buyer in the retail sale of such goods purchased for personal consumption
So goods purchased by consumers are not covered under TCS
When tax has to be collected?
* Tax (TCS) has to be collected at the time of debiting of the amount payable to buyer or at the time of receipt of payment, whichever is earlier.
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