Table of Contents
What is TCS tax with example?
TCS Rate of Different Goods
Nature of Goods | TCS Rate |
---|---|
The forest produce which is not tendu leaves or forest timber | 2\% |
Scrap | 1\% |
Mining and Quarrying, Toll Plaza, Parking Lot | 2\% |
Iron ore or Lignite or Minerals being Coal (which is force from July 1st, 2012) | 1\% |
How is TCS tax calculated?
For example, sales return from customer for INR 10,000 on which 1\% TCS is applicable for Nature of collection “Scrap”….TCS to be calculated on sales return (sales return order or sales credit memo)
Particulars | Amount |
---|---|
Sales Account | 10000 |
TCS Payable Account | 100 |
Customer Account | -10100 |
Is TCS calculated including GST?
Should the GST amount be considered for calculating TCS? As per Circular No. 17 of 2020 issued by CBDT, no GST adjustments should be made for calculating TCS due to indirect taxes or discounts as tax is deducted on receipt of consideration and not the sale.
What is TCS TDS?
TAX COLLECTED AT SOURCE (TCS) Meaning. TDS is tax deducted at source by any company or individual making a payment if the payment exceeds the thresholds mentioned under respective sections. TCS is a tax collected by the seller, at the time of sale.
How can I get TCS refund?
What is the procedure to claim this TCS as refund? Answer: GST TCS can be claimed by filing TDS /TCS Return under GST Portal. After logging in to the GST account in GST Portal (www.gst.gov.in), under Services è Returns è TDS and TCS credit received, after selecting year and month, this return can be filed.
What is TCS payment?
TCS full form is Tax Collected at Source. This TCS tax is payable by the seller who collects in turn from the lessee or buyer. The goods are as specified under section 206C of the Income Tax Act, 1961.
What happens if TCS is not collected?
a) Levy of interest: If the person responsible for collecting tax at source does not collect it or after collecting fails to pay it to the Government, he shall be liable to pay simple interest at the rate of 1\% per month or part thereof on the amount of such tax from the date on which such tax was collectible to the …
Why is TCS collected on GST?
Tax Collected at Source (TCS) under GST means the tax collected by an e-commerce operator from the consideration received by it on behalf of the supplier of goods, or services who makes supplies through the operator’s online platform. TCS will be charged as a percentage on the net taxable supplies.
How do I claim TCS in GST?
Steps to file ‘TDS and TCS credit received’ on GST portal
- Step 1: Login toGST portal.
- Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
- Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.
Can we claim TCS refund?
Any GST portal user can click on ‘TDS and TCS credit received’ tile available on return dashboard after logging in. This can help them to claim or reject the credit of TDS and TCS deducted or collected by their corresponding Government deductor or e-commerce operator.
What is TCS in 26AS?
Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. It displays details of tax collected at source (TCS) by a seller of specified goods at the time these goods have been sold to you.
How can I collect TCS?
As per income tax law, the seller shall collect TCS from the buyer at the time of debiting the amount payable to the buyer’s account or at the time of receipt of such amount from the said buyer by any mode, whichever is earlier.
What is tctcs (tax paid at source)?
TCS or Tax Paid at Source is a tax that the seller owes but that is collected by the buyer. The list of items that are listed for this reason is found in Section 206C of the Income Tax Act. What is Tax Collected at Source? Tax Collected at Source is the complete form of TCS.
What is the rate of TCS on TCS?
The rate of TCS is different for goods specified under different categories : 9. Surcharge and Health & Education Cess on TCS Rates Health & Education Cess @ 4\% on TCS + Surcharge as applicable. 10. TCS Payments a) The seller shall deposit the TCS amount in Challan 281 within one week of the last day of the month in which the tax was collected.
What is the difference between TDs and TCS?
Tax Deducted at Source (TDS) & Tax Collected at Source (TCS), both are income tax department tools to collect tax during transacting time instead of waiting and collecting the tax after a complete year. Main difference between both are that TDS is deducted from expense by payer and TCS is collected from income by receiver.
When to collect TCS on goods received from buyer?
TCS will be collected: At the time of receipt of such amount from buyer, whichever is earlier. Below is the list of specific goods on which TCS is applicable: TCS has to be collected if the seller being individual or HUF is having turnover > INR 1 Cr for business or turnover > INR 50L for the profession.