TCS: Tata Consultancy Services , Tax Collected at Source
Here we will discuss two famous full forms TCS.
The first is in IT- Tata Consultancy Services
The 2nd is in the area of income tax-Tax collection at source
TCS Full Form – Tata consultancy Services
Tata Consultancy Services Limited, India’s largest multinational IT company, is Tata Consultancy Services Limited.
Tata Group has its headquarters in Mumbai, and 149 offices around the globe.
TCS, i.e. Tata Consultancy Services is today one of the most valuable companies worldwide. According to Forbes 2015 ranking, it was ranked 64th.
TCS is the world’s largest IT company.
TCS was founded in 1968 as a consultancy company.
TCS began working in the field of software in 1980.
|Key people||Natarajan Chandrasekaran|
(MD & CEO)
(HR- Human Resources in TCS )
To know more about TCS history click here.
TCS is a Software and Service Provider company that develops software for its clients.
Software is essential for any company in the world to be able to effectively run and function.
TCS manages large companies worldwide by making and managing software.
TCS, for example, has made SBI’s total banking software.
Because of this, bank employees can easily provide service to customers. Even a common user can easily access banking through SBI’s banking app.
TCS also conducts examinations today for many institutions.
TCS currently manages many Indian passport offices.
- According to market capitalization, TCS is India’s largest company.
- It is the world’s largest IT service provider.
- This company’s biggest task is to develop and maintain applications.
- TCS was established as a public limited company (PLC) in 2004. Today, its market canalization stands at over 100 billion.
- TCS, India’s largest private job provider, employs approximately 4.5 million people and has more than 36% women.
TCS Top Clients
TCS is used by many large companies all over the globe.
- General Electric
- Morgan Stanley
- Land Rover
- CITI Bank
TCS has a job opportunity
TCS provides jobs for thousands of young people each year. It is a software and service company so those who study in the IT and computer fields have greater chances of finding work in this company.
The company hosts a placement drive at many top institutes where thousands of students can come together.
The company can also issue notifications according to its needs.
This company usually pays a starting salary of around 300000 annually, but people with experience start to receive a much better package.
To know more about TCS: Tata consultancy Services – click here
HCL: Hindustan Computers Limited
TCS Full Form – Tax Collected At Source
Some items in India have been exempted from GST-GDP.
These items can be bought or sold by the buyer. This is known as tax collection at source.
The Income Tax Act 206c in India states that certain goods are exempt from the Indian tax.
These items are not usually traded and do not have any impact on the common man.
The Indian Income Tax Act contains provisions that allow tax to be collected at source. These provisions require certain individuals to collect a specific percentage of tax from buyers for exceptional transactions. These transactions are mostly trading or business-related. It doesn’t affect the common person.
The most recent updates
Union budget 2020: In October 2020, a new section 206 (1H), was created to collect TCS from buyers of goods who make a payment exceeding Rs 50 lakhs towards the sale consideration. Only entities with more than Rs 10 million turnover in the previous FY are eligible to collect the TCS.
TCS rates and goods covered by TCS provisions
Taxes are not payable if the goods mentioned are used for manufacturing, processing or producing things. Tax is due if the same goods are used for trading. Tax is payable at the point of sale. TCS rates are different for goods belonging to different categories.
The applicable tax for some items is as follows:
|Liquor for Human Consumption||1%|
|Minerals such as iron ore and coal||1%|
|Toll Plaza and Parking Lot||1%|
|Timber wood for a forest lease||2.5%|
TCS Classification: Sellers and Buyers
- Only a few people or organizations can be classified as sellers to collect tax at source from buyers.
- Central Government
- State Government
- Local Authority
- Statutory Corporations or Authority
- Companies Act: Company registration
- Firms that are partners
- Co-operative Society
- Anyone who is subject to audit under the Income tax act for a specific financial year.
- A buyer is someone who acquires goods of a specified nature through any sale or right of receiving such goods by auction, tender, or any other method. The following buyers are exempt from tax at source.
- Companies of the public sector
- Central Government
- State Government
- High Commission Embassy
- Consulate and other Trade Representative of a Foreign Country
Social clubs, such as sports clubs, are also available
TCS Payments and Returns
- All amounts collected by an office or government should be Deposited on the same day as collection.
- Within 7 days of the end of the month when the tax was collected, the seller deposits the TCS amount into Challan 281.
- If the tax collector who collects the tax and deposits it to the government fails to collect the tax, or fails to pay it to him as per the above due dates then he’ll be responsible for paying interest at 1% per month or a portion of the month.
- Each tax collector must submit a quarterly TCS return, i.e. in Form 27EQ Concerning the tax he collected in a quarter. Before filing the return, you must pay the interest for any delay in paying TCS to government.
TDS Vs TCS
TDS Tax Deducted at Source refers to the tax that is deducted from a payment made in cash by a company to an individual if the amount is greater than a certain amount.
TCS is the tax that sellers collect when they sell something to buyers.
Some other well-known full forms of TCS
TCS- Tata consulting services
TCS-tax collected at Source
TCS- Transaction Control System
TCS- Television corporation of Singapore