TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE is a tax charged on the annual income of an individual or business earned in a financial year. The TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE system in India is governed by The TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE Act, 1961, which lays out the rules and regulations for TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE calculation, assessment, and collection. All taxpayers are mandated to submit an TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE Return (ITR) every year by respective due dates as per the law to report their income and claim a tax refund if applicable. An TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE return can be filed online or offline on the TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE Department's official website or through verified third-party websites.
The Indian TAX DEDUCTED SOURCE AND TAX COLLECTED SOURSE system also includes various deductions and exemptions that can be used to lower the tax liability for a given financial year.
1. TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers.
2. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc. TCS deduction is applicable on sales of goods like timber, scrap, mineral wood, and so on.
3. TDS is applicable only on payments that exceed a certain amount. TCS is applicable on sales of specific goods which don’t include production or manufacturing material.
1. A penalty amount equal to the tax which is not deducted or collected
2. Imprisonment of three to seven years plus fine
3. An interest on the monthly tax amount eligible for deduction. This interest applies for each month from the day when the tax becomes eligible for deduction to the day when it is deducted (at the rate of 1 percent) or when it is paid to the government (at the rate of 1.5%). In case of the TCS, the interest rate remains 1%.
This applies to e-commerce businesses. Every e-commerce company has to collect some tax on the net transaction value of their sales. This rule came into force in October 2018.
The rate for TCS in this situation would be 1% (0.5% CGST + 0.5% SGST). Alternatively, it could also be 1% of IGST.
📖 Definition of TDS/ TCS
📖 Portal explanations
📖 return utility rpu/ fuv/ csi
📖 form 26q/ 24q/ 27q/ 27eq return
📖 preparation
📖 deduction sec/ nelu under it
📖 traces partial explanations
📖 paying tax the challan 281
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