What does TCS stand for in taxes?

What is TCS tax with example?

Tax Collected at Source (TCS)

Nature of Goods Rate applicable from 01.04.2020 to 13.05.2020 Rate applicable from 14.05.2020 to 31.03.2021
A forest produce other than Tendu leaves and timber 2.5% 1.875%
Scrap 1% 0.75%
Minerals like lignite, coal and iron ore 1% 0.75%
Purchase of Motor vehicle exceeding Rs. 10 Lakhs 1% 0.75%

When TCS is required to be deducted?

Sellers are covered under Section 206C(1H) of the Income Tax Act, 1961 which points out that if the seller crosses the turnover of more than Rs 10 crores in the previous financial year and exceeds the sale transaction of Rs 50 lakhs during the year, then a TCS rate of 0.1% has to be collected from the buyer on the …

Is TCS refundable?

Yes, TCS can be claimed as refund in bank account.

What is TCS example?

Tax Collected at Source or TCS -Example

If a buyer is purchasing a car that costs Rs 10.01 lakhs then an amount of Rs 10,010 would be payable as TCS. This amount would need to be submitted to a particular branch of the bank which has been given permission by the government for receiving such payments.

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On which amount TCS is deducted?

TCS will be charged as a percentage on the net taxable supplies. The provision of TCS under GST is dealt under Section 52 of the CGST Act.

Who is liable for TCS?

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

What is TCS tax new rules?

WHAT IS THE NEW TDS RULE? The CBDT said the rate of TDS or TCS will be higher for people who have not filed income tax returns for two years. TDS or TCS will be charged at double the rate specified in the relevant provision of the Income Tax Act or 5 per cent.

How can I get TCS refund?

Steps to file ‘TDS and TCS credit received’ on GST portal

  1. Step 1: Login toGST portal.
  2. Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
  3. Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.

What is TCS refund?

If your client’s refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means that the tax payers refund has been reduced to repay a debt collected through the Treasury Offset Program. This program is designed to collect delinquent debts that are owed to states and federal agencies.

Where is TCS applicable?

Where transaction value exceeds Rs 50 lakh and buyer’s turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS. For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to apply.

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What is TCS job?

Tata Consultancy Services (TCS) is one of India’s leading IT services, consulting and business solutions organization with over 3.5 lakh employees and a presence in 45 countries and 208 offices across the world. … The TCS recruitment process consists of four rounds of selection and includes: Written exam.

What is TCS exam?

TCS National Qualifier Test (TCS NQT) is a multi-level assessment to assess the following competencies and skills: 1. Competence on the core cognitive processes required for entry-level jobs. … Specialisation on skills required to perform various job roles.