TCS = ₹5,00,000 × 1% = ₹5,000 Buyer pays = ₹5,05,000 total. Seller deposits ₹5,000 by 7th of next month.
When to Use This Calculator
Verify TCS before raising sales invoice
Train accounts team on correct TCS rates
Prepare monthly TCS deposit amount
Track TCS collected across all eligible sales
Cross-check TCS application in buyer's books
Frequently Asked Questions
TCS (Tax Collected at Source) is tax the seller collects from the buyer at the time of sale of specified goods, then deposits to the government under the Income Tax Act.
From Oct 2020, sellers with turnover above ₹10Cr must collect 0.1% TCS on sales exceeding ₹50L to a single buyer in a financial year.
The seller collects TCS from the buyer and deposits it via challan ITNS 281 before the 7th of the following month.
Yes. TCS appears in the buyer's Form 26AS and can be claimed as advance tax credit or refund when filing their income tax return.
1% under Section 206C(1) on scrap sold by manufacturers and traders.
