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1) TCS: Tax Collected at Source

The full form of TCS is “Tax Collected at Source“. In the tax system of India, 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 must collect taxes on buyers. Under the GST Tax Collected at Source (TCS) means the tax charged by an e-commerce operator for the consideration received by him on behalf of the provider of goods or services that he supplies through the operator’s online platform. TCS will be charged as a percentage of net taxable supplies. Resellers or merchants who provide goods and/or services through e-commerce operators will receive payment after deducting 1% of TCS. The rate is notified by CBIC.

Goods and Transactions Classified under TCS:

The following goods are considered for collecting tax at source (TCS):

• Liquor of alcoholic nature, made for consumption by humans
• Timber wood when collected from a forest that has been leased
• Tendu Leaves
• Timber wood when not collected from a forest that has been leased, but any other mode
• A forest produce other than tendu leaves and timber
• Scrap
• Toll Plaza, Parking lot ticket, Quarrying and Mining
• Minerals that include lignite or coal or iron ore
• Bullion that exceeds over Rs. 2 lakhs/ Jewelry that exceeds over Rs. 5 lakhs

2) TCS: Tata Consultancy Services

TATA Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) consulting and services company. It is a subsidiary of the Tata Group and operates in 149 locations in 46 countries. It is headquartered in Mumbai, India. In March 2020, Natarajan Chandrasekaran is the Chairman and Rajesh Gopinathan is the MD and CEO of TCS. It generated total revenues of $ 20.9 billion in the last fiscal year (April 1, 2018 to March 31, 2019). TCS is the largest company by market capitalization in India. Tata consulting services are now among the most valuable IT service brands in the world. TCS offers an integrated portfolio, led by consulting, business, technology, and engineering services and solutions.

Other full forms of TCS