Important things to know about Tax Collected at Source (TCS)

What is Tax Collected at Source

It is a tax that is collected by a seller when they are selling goods to a buyer. These are the taxes which are collected at the point of sale of certain types of goods like timber, liquor made for human consumption, tendu leaves, scrap, minerals like lignite, coal and iron ore, purchase of motor vehicle exceeding over 2 lakhs or jewellery exceeding 5 lakhs or bullion increasing 2 lakhs, parking lot, toll plaza, mining and quarrying as well.

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