Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Most of these transactions are trading or business in nature. It does not affect the common man. 1. … Read more Tax Collected at Source (TCS) – Payment, Exemption, and Rates
A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income … Read more What is PAN – Permanent Account Number? Know everything about PAN.