What is TCS?

It is an income tax collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the Government.

Adding TCS Deducted,

If someone has deducted TCS on your purchase, add those details using the steps below,

  1. Navigate to Save > Begin/Edit Tax Situation > Tax Credits > Add

  2. Select Tax Collected at Source and click on Proceed.

  3. Add the details like,

    • Collector Name
    • Amount

  4. Click on Save once all the details have been entered correctly.

And you are all set to claim your tax credits against your tax liabilities. Find your TCS details under the summary view.