The full form of TCS is Tax Collect at Source. Tax collected by the seller from buyer on specific goods specified in section 206C of Income Tax Act, 1961. The seller will collect and deposit the tax to the Government.
TCS Rates in India
Note: TCS Rates without PAN – Double of TCS rate or 5%, whichever is higher
Example for TCS
Sold 2000 MT scrap to Balu Traders each MT@50, and collected tax (TCS) on Rs.1,00,000.