TAX COLLECTION AT SOURCE (TCS):

Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account.

TCS returns to be filed by every collector as per the specified due dates.  Following are the compliances required:

  • Monthly TCS payments
  • Quarterly TCS returns
  • Other TCS compliances