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Advanced insights, regulatory updates, and SAP best practices for tax collected at source tcs.

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Tax Collected at Source (TCS) | TCS FAQ | TCS process flow | TCS process steps | SAP TCS

Tax Collected at Source (TCS) is the tax payable to the Govt by a seller (on behalf of the buyer, who is the tax payer). The seller thus need to collect the TCS as due from the buyer. The rate of TCS is different for goods specified for different categories. Section 206C of the Income Tax Act,1961 specifies the categories of goods for which seller has to collect tax from the purchasers

TDS Section 194Q vs TCS | TDS on Purchase of Goods Exceeding Rs. 50 Lakhs

The Finance Bill, 2021 has proposed to introduce a new section 194Q to the Income-tax Act, 1961 which requires a buyer to deduct tax at source in case of purchase of goods, the value or aggregate value of which, exceeds INR 50 Lakh in a financial year.