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Tax Collected at Source (TCS): Scope and Regulations

This quiz will test your knowledge on Tax Collected at Source (TCS): Scope and Regulations.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the full form of TCS?

  1. Tax Collected at Source
  2. Tax Credit System
  3. Taxation and Collection System
Question 2 Multiple Choice (Single Answer)

Under which section of the Income Tax Act, 1961, is TCS applicable?

  1. Section 194C
  2. Section 194H
  3. Section 206C
Question 3 Multiple Choice (Single Answer)

Who is responsible for collecting TCS?

  1. The assessee
  2. The deductor
  3. The government
Question 4 Multiple Choice (Single Answer)

What is the rate of TCS for payments made to contractors?

  1. 1%
  2. 2%
  3. 5%
Question 5 Multiple Choice (Single Answer)

What is the rate of TCS for payments made to professionals?

  1. 10%
  2. 15%
  3. 20%
Question 6 Multiple Choice (Single Answer)

What is the rate of TCS for payments made to non-residents?

  1. 20%
  2. 30%
  3. 40%
Question 7 Multiple Choice (Single Answer)

What is the due date for filing TCS returns?

  1. 15th of the month following the month in which TCS is collected
  2. 30th of the month following the month in which TCS is collected
  3. 7th of the month following the month in which TCS is collected
Question 8 Multiple Choice (Single Answer)

What is the penalty for late filing of TCS returns?

  1. Rs. 100 per day
  2. Rs. 200 per day
  3. Rs. 500 per day
Question 9 Multiple Choice (Single Answer)

What is the interest rate applicable on TCS payments?

  1. 12%
  2. 15%
  3. 18%
Question 10 Multiple Choice (Single Answer)

What is the threshold limit for TCS on payments made to contractors?

  1. Rs. 1 lakh
  2. Rs. 2 lakh
  3. Rs. 3 lakh
Question 11 Multiple Choice (Single Answer)

What is the threshold limit for TCS on payments made to professionals?

  1. Rs. 10 lakh
  2. Rs. 15 lakh
  3. Rs. 20 lakh
Question 12 Multiple Choice (Single Answer)

What is the threshold limit for TCS on payments made to non-residents?

  1. Rs. 50 lakh
  2. Rs. 1 crore
  3. Rs. 2 crore
Question 13 Multiple Choice (Single Answer)

What are the consequences of not deducting TCS?

  1. Penalty
  2. Interest
  3. Both penalty and interest
Question 14 Multiple Choice (Single Answer)

What are the consequences of not filing TCS returns?

  1. Penalty
  2. Interest
  3. Both penalty and interest
Question 15 Multiple Choice (Single Answer)

What are the consequences of not paying TCS?

  1. Penalty
  2. Interest
  3. Both penalty and interest
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