TCS

TCS

  1. TCS is Tax Collected at Source deducted by the seller of specified goods from the buyers.
  2. TAN(Tax Deduction and Collection Account number) = It is written on your Form 16 or 26 AS.
  3. Amount Paid and total tax collected is written on your form 16 or 26 AS.

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    • What is TAN?

      TAN is a ten-digit alphanumeric identification code just like PAN. However, it is assigned to those bodies who are liable to deduct or collect tax at source. TAN stands for Tax deduction and collection Account Number. While filing TDS/TCS returns,TAN ...
    • What are the parts of form 26AS?

      Form 26AS has the following parts: Part A: Details of Tax Deducted at Source Part A1: Details of Tax Deducted at Source for Form 15G/Form 15H Part A2: Details of Tax Deducted at Source on the sale of Immovable Property u/s 194(IA) – For seller Part ...
    • How is TAN different from PAN?

      TAN and PAN are both issued by the Income Tax Department for different purposes. While PAN is required for financial transaction that are within the tax ambit, TAN is specifically issued for tax deduction and collection at source. Every individual ...
    • Why did I get a Tax notice 139 (9)?

      Tax Notice 139(9) is received when there is a defect in filing your returns, either due to not furnishing some necessary information, or if there are any documents missing. Some of the specific reasons are: If you have not filed your return in the ...
    • How to change the Password on Income Tax Website - If the password is forgotten.

      Password can be reset by following 4 options: Answer Secret Question Upload DSC Using OTP Using Aadhaar OTP Step 1: Visit the income tax website www.incometaxindiaefing.gov.in On the homepage, click on ‘Reset’ button on the right hand side of the ...