Tax Collected at Source in India

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Dec. 8 – The vendor has to accumulate tax from the payer who has purchased the following 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
  • Parking lot
  • Toll plaza
  • Mining and quarrying

The rate of tax collected at source (TCS) may vary from 1 percent to 5 percent.

Deposit of TCS amount – Within seven days of the following month.

Issue of TCS certificate – Within one month of collection/debit (form 27D)

The rates of TCS for representative purpose (Financial Year 2010-2011, 2011-2012) are as follows:

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