Tax Collected at Source (TCS)

It is the tax collected by the seller from the purchaser for sale of certain goods/transactions mentioned under section 206C of the Income Tax Act, 1961. Some of these goods/activities are- mining and quarrying, tendu leaves, alchoholic liquor, timber, etc. TCS is to be submitted in a specified form within a week from the last day of the month, in which the tax was collected. Payment of tax to the government is to be made in specified branches of banks, authorized to collect tax.