Tax Collected at Source in India
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
- 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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