Category: TDS/TCS/Advance Tax

TDS, TCS, and Advance Tax are known as Pre-paid Taxes and Deductible from the Total Tax due from the Assessee.

Tax Collected at Source (TCS) – Income Tax [Section 206C]

Under section 206C in some cases Tax has to be collected at source as below: Nature of Goods Percentage Rate of Tax Collection at Source(TCS) applicable Category-A (sale of the following) —   A-1. Alcoholic Liquor for Human Consumption(other than Indian Made Foreign Liquor) 1% A-2. Tendu Leaves 5% A-3. Timber […]

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Deduction of Tax at Source (TDS) – Income Tax

Person responsible for making payment of income covered by the Scheme of Tax Deducted at Source (TDS) or Deduction of Tax at Source (TDS) at the prescribed Rates. Tax so Deducted should be deposited within the prescribed Time. Moreover, Returns of TDS (Tax Deducted at Source) should be submitted within […]

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