Glossary
TCS
Tax Collected at Source
Tax Collected at Source is an income tax mechanism where the seller collects an additional amount as tax from the buyer at the time of sale of specific goods (like vehicles, scrap, or timber) and deposits it with the government.
Where it appears in practice
Applies to specific goods and transactions exceeding a set threshold (e.g., motor vehicles over <Verify>₹10 Lakhs</Verify>).
A worked example
A dealer sells a luxury car for ₹15 Lakhs. They collect <Verify>1%</Verify> TCS from the buyer and remit it to the government.
Related terms
Let the practice handle it
This term sits inside real compliance work — returns, filings, and deadlines. That work is one of the services the practice runs end to end.
Income Tax Filing