Clarifications Regarding Extension of Time Limits for Submission of certain TDS / TCS Statements
Clarifications Regarding Extension of Time Limits for Submission of certain TDS / TCS Statements by Circular No. 9 of 2023
Tax Collect at Source
Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the buyers. Such persons must have the Tax Collection Account Number to be able to collect TCS.