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TCS Rates Chart

What is TCS?

 

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.

 

 

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

 

 

 

 

Related Topics

 

Income Tax Slab Rates FY 2018-2019

 

TDS Rate Chart for Financial Year 2018-2019

 

TDS Refund

 

 

 

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