Can someone please Tell me What is TCS all about ? & when is TCS requied to be Levied ?
thanks in advance to all.
2 Replies
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 23 December 2012
TCS
The 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%
Deposit of TCS amount- within seven days of the following month.
Issue of TCS certificate- within in one month of collection /debit(form 27D)
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