What is TCS(Tax collected at source)?
What is TCS? 'Tax collected at Source' is abbreviated as TCS. It was applicable for Sale of Goods for items like Tendu leaf, motor Vehicles, Scrap..etc. From 1st October 2020, TCS will be applicable on 'Sale of Goods' for all items. Both TDS & TCS are Part of Income Tax (not related to GST). TDS (Tax Deducted at Source), was implemented long back and it is applicable for Salary, Winning from Prize money and all kinds of service incomes. The TDS will be deducted & paid by the payer. TDS deducted