Introduction
TCS (Tax Collected at Source) is tax collected by the seller from the buyer at the time of sale of specified goods or services. Unlike TDS (deducted by payer), TCS is collected by the seller and deposited with the government.
Numverto TCS Calculator covers all major sections including sale of goods above ₹50 lakh, foreign remittance under LRS, motor vehicle sales, and overseas tour packages.
TCS Calculation
TCS = Transaction Amount × Applicable Rate. The seller adds TCS on top of the transaction value. If buyer has no PAN, rate doubles per Section 206CC.
Step-by-Step Examples
Sale of goods ₹60L (Section 206C(1H))
TCS = ₹60L × 0.1% = ₹6,000. Total payable by buyer = ₹60,06,000.
Foreign remittance ₹10L (LRS Section 206C(1G))
TCS = ₹10L × 5% = ₹50,000. Total deducted = ₹10,50,000.
Real-Life Applications
- Export businesses collecting TCS on goods sales above ₹50L
- Bank TCS on foreign remittance under Liberalised Remittance Scheme
- Motor vehicle dealers collecting TCS on vehicles above ₹10L
- Travel agents collecting TCS on overseas tour packages
- TCS credit claim while filing ITR
Advantages of Using This TCS Calculator
- Covers all major TCS sections (206C)
- PAN/No-PAN rate toggle (Section 206CC)
- Total amount payable including TCS
- Section reference displayed
- Indian rupee formatting
Common Mistakes to Avoid
- Confusing TCS with TDS — TCS is collected by seller, TDS by payer
- Not collecting TCS when turnover exceeds ₹10 crore threshold
- Applying TCS on entire invoice including GST (should be on base value)
- Not issuing TCS certificate (Form 27D) to buyer
- Missing quarterly TCS return filing (Form 27EQ)