Schedule TCS – Details of Tax Collected at Source

Tax Collected at Source (TCS) is the amount of tax collected by the seller in specified transactions from the buyer, licensee, or lessee. ‘Schedule TCS’ in the Income Tax Return (ITR) Form captures details of TCS.

This schedule ensures that any TCS credited to the taxpayer’s PAN is duly accounted for when computing the final tax liability. It helps the taxpayer claim credit for the tax that has already been collected and deposited with the government by the collector (seller).

In the Schedule TCS, the taxpayer is required to disclose the collector’s TAN, name, total amount received or debited on which TCS was collected, the year of collection, and the amount of TCS.