Section 394(1);Table [Tax Collection at Source]-Sale of Alcoholic Liquor for Human Consumption

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.... Nature of Receipt Collector Rate of TCS 1 Sale of alcoholic liquor for human consumption Seller 2% Scope of the provision This provision requires the seller to collect Tax Collected at Source (TCS) on the sale of alcoholic liquor for human consumption. The obligation applies at the time specified under Section 394(1), i.e., at the earlier of- â....

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....d one copy of such declaration to the prescribed income-tax authority in accordance with Section 394(3). Practical distinction • Applies only to the sale of alcoholic liquor for human consumption. • Liability to collect tax rests with the seller. • TCS is collected at 2% of the sale consideration. • No monetary threshold is prescribed.....