Innovare Labs Senior Executive - Finance Interview Questions and Answers

TCS topic in invoice

• TCS (Tax Collected at Source) is a tax levied by the Indian government on certain transactions

• It is applicable on the sale of goods and services above a certain threshold

• The TCS amount is collected by the seller from the buyer and deposited with the government

• The TCS rate varies depending on the type of transaction and the parties involved

• TCS is mentioned on the invoice as a separate line item