TCS stands for Tax Collected at Source.

TCS is applicable under Section 206C of the Income Tax Act, 1961.

The deductor is responsible for collecting TCS.

The rate of TCS for payments made to contractors is 1%.

The rate of TCS for payments made to professionals is 10%.

The rate of TCS for payments made to non-residents is 20%.

The due date for filing TCS returns is 7th of the month following the month in which TCS is collected.

The penalty for late filing of TCS returns is Rs. 200 per day.

The interest rate applicable on TCS payments is 12%.

The threshold limit for TCS on payments made to contractors is Rs. 2 lakh.

The threshold limit for TCS on payments made to professionals is Rs. 10 lakh.

The threshold limit for TCS on payments made to non-residents is Rs. 1 crore.

The consequences of not deducting TCS include both penalty and interest.

The consequences of not filing TCS returns include both penalty and interest.

The consequences of not paying TCS include both penalty and interest.