Tax Collected at Source

Tax Collected at Source Type: Government Mechanism Parent organization: Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India Employees: Not applicable (Part of broader Income Tax Department staff) Executive: Not applicable (System administered by Indian Income Tax Department) Budget: Not applicable (Integrated within the Indian government's fiscal policy) Address: A.R.A. Centre, E-2, Jhandewalan Extension, New Delhi, 110055 Website: https://www.incometaxindia.gov.in Creation Legislation: Section 206C of the Income Tax Act, 1961 Wikipedia: Tax Collected at Source

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Mission To enhance tax compliance by collecting tax at the point of sale on specified transactions, ensuring revenue is captured at the earliest possible stage. TCS aims to curb tax evasion and broaden the tax base.

Services Tax Collection; Compliance Monitoring

Regulations

Tax Collected at Source (TCS) is a method implemented by the Indian government to collect tax directly from sellers at the source during certain transactions, as mandated by the Income Tax Act, 1961. It's part of the strategy to ensure tax is collected on high-value or specific transactions to prevent tax evasion.

Official Site

Mission

The mission of TCS is to enhance government revenue collection by ensuring taxes are collected at the initial stage of transactions involving specific goods or services. It helps in tracking high-value transactions, reducing tax evasion, and ensuring that the tax system captures revenue from a wider range of economic activities.

Parent organization

TCS is administered by the Central Board of Direct Taxes (CBDT) under the Department of Revenue, which falls within the Ministry of Finance, Government of India.

Legislation

TCS is governed by [Section 206C of the Income Tax Act, 1961](https://www.incometaxindia.gov.in/pages/acts/income-tax-act.aspx), which specifies the goods, services, and conditions under which TCS must be collected.

Partners

- Various sellers and businesses across India who are required to collect TCS. - Banks and financial institutions for depositing collected TCS.

Number of employees

TCS itself does not have specific employees; it's managed by the staff of the Income Tax Department.

Organization structure

• Administered by the Income Tax Department through regional and local tax offices.
• Implementation is decentralized, involving tax collectors (sellers) at the transaction level.

List of programs

• Collection of TCS on specified goods like vehicles, jewelry, and overseas tour packages.
• Reporting of TCS through quarterly returns (Form 27EQ).
• Issuance of TCS certificates (Form 27D).

Last total enacted budget

TCS does not have a separate budget; it's part of the broader fiscal policy and revenue collection strategy of the government.

Leader

Not applicable as TCS is a mechanism rather than an organization with a leader.

Services provided

TCS services include the collection of tax at source from buyers by sellers on specified transactions, depositing this tax to government accounts, and providing TCS certificates to buyers for tax credit. It aims at simplifying tax collection, ensuring compliance, and reducing the administrative burden on both the government and taxpayers.

Regulations overseen

TCS is not about overseeing regulations but complying with them. It operates under the regulations set by the Income Tax Act, ensuring that sellers collect and deposit tax correctly as per the law.

Headquarters address

A.R.A. Centre, E-2, Jhandewalan Extension, New Delhi, 110055 (Address of the CBDT)

Website

https://www.incometaxindia.gov.in

Wikipedia article

There is no dedicated Wikipedia article for Tax Collected at Source, but it's mentioned in contexts related to Indian taxation systems.