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Tax Collected at Source

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Tax Collected at Source (TCS) is income tax collected by seller in India from payer on sale of certain items. It is provided in section 206C of Income Tax Act 1961. The seller has to collect tax at specified rates from the payer who has purchased these 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
  • Minerals being coal or lignite or iron ore
  • Scrap Batteries1132123

References

http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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