Everything about 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)
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)
The rates of TCS for representative purpose (Financial Year 2010-11, 2011-2012):