Collection of Tax at Source - Tax Administration, Income Tax Laws Video Lecture | Income Tax Laws - B Com

welcome friends welcome to free tax
education.com today we will start with
the tax collected at source and this is
session number one introduction to TCS
that means tax collected at source so
first we will see what is TCS TCA stands
for not a Tata Consultancy Services
this stands for tax collected at source
TCS will be collected by the receiver of
payment from the buyer and this is an
equal and opposite to the tedious repair
deduct to TDS at the time of family here
you can simplify that the Sailor will
collect this seller will collect this
TCS and paid to the government where TDS
is directed by the buyer
it is very equal and opposite transition
so TCS is collected or few notified
services such as following a some of the
important examples these are not our
examples these are some of the important
and selected examples for tema purpose
tend to leaves scrap timber in wood made
in India fallen liquor liquor and toll
plaza they are all following some
example where the TCS is collected by
they say that that means who receive the
money so how it works actually we need
to check how Decius works we will see
one example suppose your company solder
scrap to the scrap vendor for rupees 1
lakh and TCS at the rate of 1 percent is
applicable on the scrap so in this
situation the calculation is like this
sell value rupees 1 net TCS at the rate
of 1 percent is 1000 total receive is
one night 1000 that means the same
not one like maybe CDC one like 1000
rupees as a TCS 1000 extra this amount
of TCS rupees 1000 should be paid by the
collector to the government by online or
offline using chi'lan number 281 this
gentleman number 281 is used for TCS and
tedious also for both purposes but this
1000 should be paid by the collector to
the government or IT department and he
must file a return in the form 27 EQ to
the IT department so that they come to
know and which part from which party
then the collector has recollected this
species and deposit to the government
next is the TCS rates so what are the
TCS rates we will see here some
important examples not all of them are
here this is just a basic information so
these are the basic TCS rates Hindu
leaves five percent scrap one percent
timber 2.5 percent metal India foreign
liquor and percent Indian liquor
one percent toll plaza two percent so
these are the percentage where on on
which we need to calculate the TCS and
this TCS will be collected additionally
over the receive value so that's it
from this session thanks for visiting
this free text in you.com I hope we'll
understand the basic concept of TCS bye
bye