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DEP Bulletin ! TABLE OF CONTENTS A oil 23, 1997 Volume 21 Issue 8 Application Codes and Permit Descriptions General Application Inside Front Cover Specific Decision Application Codes Permit Descriptions
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TCS (Tax Collected at Source) is a tax that needs to be collected by sellers on certain specified transactions and deposited with the government.
Sellers or businesses who are engaged in specified transactions as outlined by the tax authorities are required to file TCS.
TCS can be filled out by including the necessary transaction details, such as the buyer's PAN (Permanent Account Number), the amount of transaction, and the applicable TCS rate, in the respective tax return forms.
The purpose of TCS is to collect tax at the source itself, ensuring a steady flow of revenue for the government and enabling better tracking of transactions.
The information required to be reported on TCS includes the buyer's PAN, the transaction amount, the applicable TCS rate, and any other details mandated by the tax authorities.
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