Collection of Tax at Source (TCS)

Tax Glossary Definition

Collection of Tax at Source (TCS)

Tax Collected at Source (TCS) is a mechanism under the Income Tax Act where the seller collects tax from the buyer at the time of sale of specified goods or services. The seller then needs to deposit the tax on behalf of the buyer with the Government. TCS ensures advance collection of tax and tracking of high-value transactions.

Example: A seller collecting 1% TCS on car is required to deposit the collected tax with the government and report it in the buyer’s Form 26AS/AIS

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