TCS on Cash Sale: 11 Important Points to KNOW

Tax collected at source on cash sale ( TCS on cash sale) under section 206C is effective from 1st June, 2016. Here are the most important points related to TCS you should consider while doing sale or purchase transactions. Meaning of TCS on cash sale: ( Section 206C) TCS is covered under section 206C of income tax act,1961 TCS is short form of tax collection at source A sum equal to the statutory percentage of purchase price is collected by the seller/collector from buyer/lessee/payee.Every person,being seller,shall collect tax at source from the buyer of goods specified in section 206C...

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