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.
Note: TCS Rates without PAN – Double of TCS rate or 5%, whichever is higher
Sold 2000 MT scrap to Balu Traders each MT@50, and collected tax (TCS) on Rs.1,00,000.
Balu Traders Dr – 1,19,180
To Scrap – 1,00,000
To Output CGST@9% – 9,000
To Output SGST@9% – 9,000
To TCS on Scrap – 1,180
Income Tax Slab Rates FY 2018-2019
TDS Rate Chart for Financial Year 2018-2019
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