Documentos de Académico
Documentos de Profesional
Documentos de Cultura
ON
ACKNOWLEDGEMENT
DECLARATION
We the students of Gujranwala Guru Nanak Institute Of
Management & Technology, Department of Management,
hereby solemnly declare that the project report on summer
training " conducted is the original work done by us and
moreover to the best of our knowledge, no similar report on
this very company has been submitted to G.G.N. Institute Of
Management & Technology, Department of Management so
far, for the fulfilment of the requirement of the course of
study under M.B.A program.
The project report is submitted in partial fulfilment of the
requirements for the award of the degree of Masters of
Business Administration, being conducted at G.G.N. Institute
Of Management & Technology, Department of Management.
MONIKA (104552248551)
CERTIFICATE
This is to certify that research project entitled SUMMER
TRAINING, Submitted for the partial fulfillment of Degree of
Master of Business Administration ( MBA ) of GGNIMT,
Ludhiana affiliated to Punjab Technical University Jalandhar,
is a bonafide research work carried out by
MONIKA and
MRS.
HARMINDER KAUR
Associate Prof.
GGNIMT
PREFACE
FOR the management carrer, it is important to develop
managerial skills in order to achieve positive and concrete
results ,along with theoretical concept, the exposure of real
life situation in corporate world is very much needed to
fulfill this need, this practical training is required.
I underwent training in VERDHMAN
TEXTILES located
at CHANDHIGARH ROAD, LUDHIANA.
THIS report is my training in VERDHMAN TEXTILES as a part
of MBA.THE subject of my report is E-TDS AND E-TCS
ACCOUNTING PROCEDURES.
TABLE OF CONTENTS
S.NO
PARTICULARS
PAGE
NO.
1.
2.
3.
INTRODUCTION
NEED OF FINANCE DEPARTMENT
RESPONSIBILITY
8 SECRETS OF VSGM
5 S CONSIDER IN VARDHMAN
SOCIAL RESPONSIBILITY
TPM POLICY
SWOT ANALYSIS
CHAPTER 2- RESEARCH METHODOLOGY
REMARK
4.
5.
SUMMARY
6.
BIBLIOGRAPHY
INTRODUCTION OF VARDHMAN
GROUP OF COMPANIES
Vardhman Group is a leading textile conglomerate in India having a turnover of
$700 mn. Spanning over 24 manufacturing facilities in five states across India,
the Group business portfolio includes Yarn, Greige and Processed Fabric,
Sewing Thread, Acrylic Fibre and Alloy Steel.
FLAMES signifies the growth of each and every individuals associated with it
HISTORY
The industrial city of Ludhiana, located in the fertile Malwa region of Central
Punjab is otherwise known as the "Manchester of India". Within the precincts of
this city is located the Corporate headquarters of the Vardhman Group, a
household name in Northern India. The Vardhman Group, born in 1965, under
the entrepreneurship of Late Lala Rattan Chand Oswal has today blossomed
into one of the largest Textile Business houses in India.
At its inception, Vardhman had an installed capacity of 14,000 spindles, today; its
capacity has increased multifold to over 8 lacs spindles. In 1982 the Group
entered the sewing thread market in the country which was a forward integration
of the business. Today Vardhman Threads is the second largest producer of
sewing thread in India. In 1990, it undertook yet another diversification - this time
into the weaving business. The grey fabric weaving unit at Baddi (HP),
commissioned in 1990 with a capacity of 20,000 meters per day, has already
made its mark as a quality producer of Grey poplin, sheeting, shirting in the
domestic as well as foreign market. This was followed by entry into fabric
processing by setting up Auro Textiles at Baddi and Vardhman Fabric at
Budhni,Madhya Pradesh. Today the group has 900 shuttleless looms and has
processing capacity of 90mn meters fabrics/annum.
In the year 1999 the Group has added yet another feather to its cap with the
setting up of Vardhman Acrylics Ltd., Bharuch (Gujarat) which is a joint venture in
Acrylic Fibre production undertaken with Marubeni and Exlan of Japan. The
company also has a strong presence in the markets of Japan, Hong Kong,
Korea, UK and EU in addition to the domestic market. Adherence to systems and
a true dedication to quality has resulted in obtaining the coveted ISO 9002/ ISO
14002 quality award which is the first in Textile industry in India and yet another
laurel to its credit.
VARDHMAN SPINNING AND GENERAL MILL
Steel
The Group is also present in upper-end of the steel industry. The group has
manufacturing capacity of 100000 tons of special and alloy steel. The group
supplies its steel products to some of the most stringent quality steel buyers like
Maruti and Telco. It contributes 10 percent to the total turnover of the group.
.
Weaving
Continuing its owned march on the curve, vardhman group entered weaving
business in 1992 with a capacity of 7 million meter per annum.the capacity has
been subsequenently expanded to 25 million meters per annum.the group has
already made its mark as a quality producer of grey poplin/suiting in the home
market and has also entered the highly competitive export market within this
short span,now exporting fairly large volume of its production.
HOLDINGS
PHILOSOPHY
PRODUCT PORTFOLIO
USD
Million
% Share
Yarn
1513
329
47%
Febric
689
150
22%
Sewing
Thread
337
73
11%
Steel
327
71
10%
66
14
2%
Fibre
254
55
8%
Total
3186
693
100%
Power plant
MARKET PERFORMANCE
During the last 5 years, Vardhman Group has recorded 10 percent top line
growth rate, which is higher than the industry average growth rate. The Group
turnover has grown from Rs 723 crores in 1995 to Rs 3186.32 crores (about USD
700 million) in 2008-09. The exports has grown from negligible level in early
nineties to Rs 689 crores (USD 150 million) in 2008-09.
Particulars
Group
Group
Group
Group
Group
Gross Sales
688.67
495.73
482.93
402.67
445.81
137.41
204.80
264.73
259.53
190.62
380.79
376.74
398.32
377.33
305.26
Gross Block
Net Block
Capital Employed
Group
Group
Group
Group
Group
Gross Sales
692.68
656.81
543.64
498.93
493.96
149.71
120.91
106.99
90.90
99.22
29.87
49.95
58.65
58.58
42.43
82.78
91.89
88.24
85.18
67.94
Gross Block
855.54
844.11
546.68
469.38
401.19
Net Block
558.98
541.27
307.23
253.79
212.45
SCapital Employed
990.35
955.58
704.74
550.53
404.62
Balance sheet
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Sources of funds
Owner's fund
Equity share capital
Share application money
Preference share capital
Reserves & surplus
63.65
57.77
57.77
57.77
57.77
1,854.61 1,398.08 1,214.98 1,114.37 1,034.26
Loan funds
Secured loans
Unsecured loans
Total
Uses of funds
Fixed assets
Gross block
Less : revaluation reserve
Less : accumulated depreciation
Net block
Capital work-in-progress
Investments
216.95
282.14
24.67
24.67
76.52
24.17
37.60
26.71
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
investments
Contingent liabilities
Number
of
sharesoutstanding (Lacs)
equity
539.66
26.13
237.51
215.03
486.82
636.52
577.70
577.70
577.70
577.70
Textile
Export
Promotion
Silver Top Exporter Award in Yarn Category
Council
2007-08
Textile
Council
2007-08
Export
Promotion
Textile
Export
Promotion
World Trophy in highest export in Yarn Category
Council
2005-06
Textile
Export
Promotion
Council
Bronze Trophy for Highest Global Export Category (Overall)
2005-06
Textile
Export
Promotion
World Trophy in highest export in Yarn Category
Council
2004-05
Textile
Export
Promotion
Council
Silver Trophy for Highest Global Export Category (Overall)
2004-05
Textile
Export
Promotion
Gold trophy in EOU/EPZ for export of cotton yarn
2003-04
Council
Textile
Export
Promotion
Bronze trophy in mill fabric exporter category
Council
2003-04
Textile
Export
Promotion
Gold Trophy in EOU/EPZ for export of cotton yarn
Council
2002-03
Textile
Silver Trophy
Export
Promotion
Council
1998-99
Textile
Export
Bronze Trophy
Promotion
Council
1997-98
Textile
Silver Trophy
Promotion
Council
1996-97
1994-5,
1995-96
Export
Govt.
of
Award of Merit
India
Award
Textile
Export
(Merchant
Export
Bronze Trophy
Promotion
Category
Council
for
1993-94
Fabrics)
Textile
(Merchant
Gold Trophy
Promotion
Category
Council
for
1993-94
Fabrics)
Export
Export
Textile
Export
Gold Trophy
Promotion
Council
1990-00
YEARS OF ESTABLISHMENT
1965-Vardhman Spinning and General Mills deals with Wool and it is in
Ludhiana.
1993- Artist Spinning Mills Procedure Yarn and has 50000 spindles.
1997-VSGM
FOREIGN COLLABORATION
Garments
Nisshinbo Textiles inc. Japan
Fabrics Dyeing & Fininshing
Tokai Senko, Japan
Fiber & Yarn Dyeing
Nihon Sanmo Dyeing Co. Ltd., Japan
Gassed Mercerized Yarns
Kiyung Bang South Korea
Cotton Yarn
Toho Rayon, Japan
Sewing Thread
American & Efird Inc., USA
Acrylic Fibre
Manubeni corp ,and Japan Exlan Of Japan
OM PARKASH (STAFF)
SANJEEV (STAFF)
PRIYANKA (STAFF)
5 S CONSIDER IN VRADHMAN
VARDHMAN SPINNING AND GENERAL MILL
(TPM)
MEANING:T (TOTAL):- All encompassing by maintenance and production individuals
working together.
P (PRODUCTIVITY):- Productivity of goods and services that meet or
exceed customers expectation.
M (MAINTENANCE):- keeping equipment and plant as good as or better
than the original condition at all times.
POLICY:-Maximum overall effectiveness reliability of plant and machinery
by aiming at ZERO LOSSES and ZERO ACCIDENT through nurturing
team work and continuous development of all employees.
SWOT ANALYSIS
VARDHMAN SPINNING AND GENERAL MILL
GENERAL OVERVIEW
Deductor other than Government & corporate may file TDS return in electronic or
physical form & for corporate/Govt. deductor it is mandatory to file TDS return in
electronic
form
i.e
ETDS.
As filing of TDS/TCS returns in electronic form (e-TDS/TCS) is a new concept, to
assist deductors/ collectors prepare and file their e-TDS/TCS returns, NSDL has
published the Deductors Manual
E-TDS
Entities (both corporate and non-corporate deductors) making payments
(specified under Income Tax Act) to third parties (deductees) are required to
deduct tax at source (Tax Deducted at Source -TDS) from these payments and
deposit the same at any of the designated branches of banks authorised to
collect taxes on behalf of Government of India. They should also furnish TDS
returns containing details of deductee(s) and challan details relating to deposit of
tax to ITD.
As a part of automation of collection, compilation and processing of TDS returns
ITD has notified an "Electronic Filing of Returns of Tax Deducted at Source
Scheme, 2003". It is applicable to all deductors furnishing their TDS return in
electronic form. As per this scheme:
It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish
their TDS returns in electronic form (e-TDS return).
From F.Y. 2004-2005 onwards furnishing TDS returns in electronic form
is also mandatory for government deductors in addition to corporate
deductors.
Deductors (other than government and corporates) may file TDS return
in electronic or physical form.
National Securities Depository Ltd. (NSDL) as the e- TDS Intermediary
(appointed by ITD) receives, on behalf of ITD, the e-TDS returns from
the deductors.
WHY IS TDS APPLICABLE?
To avoid case of tax evasion, the income tax act has made provision to
collect tax at source on accrual of income.
It is imposed in order to raise revenue.
VARDHMAN SPINNING AND GENERAL MILL
To wave off the heavy burden of the tax payers the government of india
has introduced-TAX DEDUCTION AT SOURCE.
Upload charges*
Rs.25/-
Rs.150/-
Rs.500/-
NSDL w.e.f. 19.01.2004 will set up their front offices called as TIN Facilitation
Centre at 42 stations throughout the country, for receiving e-TDS returns w.e.f.
19.01.2004. NSDL will set up their front offices at 65 stations more during the
next financial year so that they will have presence at all stations where
administrative CsIT are located.
Procedure for allotment of TAN:
4.1 All deductors required to e-file their TDS returns have to quote their
reformatted Tax Deduction Account Numbers (TAN) in their respective TDS
returns. A large number of deductors have already obtained these re -formatted
TANs which are unique countrywide. Wherever TAN has not been allotted or old
TANs have not been reformatted, applications in Form 49B can be filed with
NSDL. All old applications for allotment of new TAN/ reformatted TAN pending
in the Department, will be disposed at the earliest.
4.2 NSDL has also been authorised to receive applications (form 49B)for
allotment of TAN at their front offices for fee of Rs.50/- to be paid by the
applicant to them. The data in respect o f such TAN applications will be entered
by
NSDL and sent to National Computer Centre (NCC) of Income-tax Department
and the respective computer centres on-line . The allotment of TAN will be done
by the IT department centres and communicated online to NSDL who will
intimate the same to the applicant.
5. Preparation of e-TDS returns:
5.1 New forms of TDS returns in Form No.24, 26, & 27 (enclosed herewith), a
control chart in Form 27A have been notified by the Board vide notification
dated
31.7.2003 consequent upon amendment to Rule 30 of IT Rules, 1962. The eTDS
returns have to be prepared in these new forms and according to the data
structure prescribed by e-TDS administrator. This is necessary so that the data
structure of e-TDS returns is compatible with the departmental application
software for processing the same.
5.2 The prescribed data structure can be downloaded from this website as also
of
NSDL (http://tin.nsdl.com) This can also be obtained from the front offices of
NSDL. While preparing the e-TDS returns, the deductor has to ensure that
following mandatory requirements listed in Circular No.8 of CBDT dated
19.9.2003, are complied with :
(i) Tax deduction Account Number (TAN) of the deductor is clearly
mentioned in the TDS return as also on Form No.27A, as required by
sub-section (2) of section 203A of the Income-tax Act. However, in
VARDHMAN SPINNING AND GENERAL MILL
cases where TAN is not available the e-TDS returns will also be
accepted if the same is accompanied with an application inForm 49B
for allotment or for reformatting.
(ii) Full particulars relating to deposit of tax deducted at source, in the
designated bank are correctly and properly filled in the table at item
No.6 of Form No.24 or item No.5 of Form No.26 or item No.5 of
Form No.27, as the case may be.
(iii) The data in the e-TDS return is as per the data structure prescribed
by the e-Filing Administrator.
(iv) The Control Chart in Form 27A is duly filled in all columns, signed
and enclosed in paper form with the return on computer media.
(v) The Control Totals of the amount paid and the tax deducted at source
as mentioned at item No.3 of Form No. 27A tally with the
corresponding totals in the e-TDS return in Form No. 24 or Form
No. 26 or Form No. 27, as the case may be.
In case any of these mandatory requirements are not fulfilled, the e -TDS return
will not be received by the -TDS intermediary.
5.3 The deductors should prepare their e-TDS return as per the above
procedure,
store the data on a CD ROM, enclose the control chart (Form 27A in paper
format) and submit these at any of the front offices of NSDL. Although the
scheme permits e-TDS returns to be prepared on a floppy, it would be preferable
that these are prepared on a CD ROM to avoid any loss of data, viruses etc.
6. Filing of e-TDS returns:
6.1 The e-TDS return can be filed at any of the TIC Facilitaion Centres offices
being opened by NSDL at 42 cities. At the receipt stage, these front offices will
carryout validation checks on the e -TDS returns to ensure compliance with
above
five parameters, and a provisional receipt will be issued on successful validation.
6.2 Section 139A(5 B) requires that PAN of the deductees should be mentioned
in
the TDS returns. Wherever PAN of deductees is not mentioned by a deductor in
his e-TDS return, this fact will be recorded on the provisional receipt as
deficiency, to be removed by the deductor. However, in such cases, NSDL will
accept the e -TDS returns. The deficiency can be removed by the deductor within
7
days, failing which the e-TDS returns will be sent by NSDL to the Department
indicating the deficiency therein for appropriate action by the concerned A.O.
7. Upload Charges:
Since e-filing of TDS returns will reduce the voluminous paper work involved in
filing of paper TDS returns and enclosures thereby significantly reducing the
VARDHMAN SPINNING AND GENERAL MILL
NSDL e-TDS/TCSRPU
TaxPro e-TDS
Cnergies
ITRET TDS
EasyETDS
e-TDS Wizard
eTaxfile
Zen TDS
KEYPRO PLUS
KeTDS
E-TDS Utility
FastTDS / FastTCS
Milestone
TDS Solutions
NAS e-TDS
TAX-PAYER
TAX-PAYER
GOVERNMENT
Form
No.
Particulars
Periodici
ty
Annual
Annual
Quarterly
Quarterly
Quarterly
1. The data structure (file format) in which the e-TDS / e-TCS return is to be
prepared has been notified below:
(a) Annual e-TDS return:
o File Format for Form 24
o File Format for Form 26
o File Format for Form 27
(b) Annual e-TCS return:
o File Format for Form 27E
(c) Quarterly return:
o File Format for Form 24Q
o File Format for Form 26Q
o File Format for Form 27Q
o File Format for Form 27EQ
Data structure for Form 24Q of the quarter ending 31-March
2. e-TDS/e-TCS return in accordance with the file formats is to be prepared
in clean text ASCII format with 'txt' as filename extension. e-TDS/e-TCS
return can be prepared using in-house software, any other third party
software or the NSDL e-TDS Return Preparation Utility (e-TDS RPULight).
Feedback Form
3. Sample files prepared as per the file formats given below for reference.
4. Annual Return:
VARDHMAN SPINNING AND GENERAL MILL
Quarterly Returns:
Each e-TDS/TCS return saved in a CD/Pen Drive to be submitted along
with a signed copy of the control chart (Form 27A).
FORM NO 27 A
Form No. 27A is a control chart of quarterly e-TDS/TCS statements to be filed in
paper form by deductors/collectors alongwith quarterly statements. It is a
summary of e-TDS/TCS returns which contains control totals of 'amount paid'
and 'income tax deducted at source'. The control totals of 'amount paid' and
'income tax deducted at source' mentioned on Form No. 27A should match with
the corresponding control totals in e-TDS/TCS return. A separate Form No. 27A
is to be filed for each e-TDS/TCS return.
In case of Annual Returns the relevant control charts are Form 27A for e-TDS
and Form 27B for e-TCS.
The Precautions to be taken while submitting Form No. 27A/B
While submitting Form No. 27A/B, one should ensure that:
a) There is no overwriting/striking on Form No. 27A/B. If there is any, then the
same should be ratified (signed) by the authorised signatory.
b) Name and TAN of deductor and control totals of 'amount paid' and 'income
tax deducted at source' mentioned on Form No. 27A/B should match with the
respective totals in the e-TDS/TCS return.
c) All the fields of Form No. 27A/B are duly filled.
Data structure (file format) for preparing e-TDS/TCS return
VARDHMAN SPINNING AND GENERAL MILL
e-TDS/TCS return should be prepared in accordance with the data structure (File
Format) prescribed by the e-filing administrator. Separate data structure has
been prescribed for each type of form whether it is annual return (up to FY 200405) or Quarterly return (FY 2005-06 onwards).
Challan Serial Number given by the Bank
Bank Challan Number is a receipt number given by the bank branch where TDS
is deposited. A separate receipt number is given for each challan deposited. You
are required to mention this challan number in the e-TDS/TCS return and not the
preprinted numbers on the bank challan form i.e. ITNS 269 or ITNS 271.
Bank Branch Code
Reserve Bank of India has allotted a unique seven-digit code to each bank
branch. You are required to mention the code of the bank branch where TDS is
deposited in the e-TDS/TCS return. You can get this code from the bank branch
where TDS amount is deposited.
If E-TDS/TCS return does not contain PANs of all deductees?
In case PANs of some of the deductees are not mentioned in the e-TDS/TCS
return, the Provisional Receipt will mention the count of missing PANs in the eTDS/TCS return. The details of missing PANs (to the extent it can be collected
from the deductees) may be filed within seven days of the date of Provisional
Receipt to TIN-FC. e-TDS/TCS return will be accepted even with missing PANs.
However, if PAN of deductees is not given in the TDS return, tax deducted from
payment made to him cannot be posted to the statement of TDS to be issued to
him u/s 203AA.
Verification of E-TDS/TCS return
After prepared E-TDS/TCS return y6ou can check /verify the same by using the
file validation utility(FVU).This utility is freely downloadable from the NSDL-TIN
websites.
File Validation Utility (FVU)
FVU is program developed by NSDL, whichis used to ascertain whether the ETDS/TCS return files contains any format level errors. When you pass ETDS/TCS return through FVU, it generates an error/response file. If there are no
errors in the E-TDS/TCS return file error/response file will display the control
totals. If there are error, the error/response filewill display the error location and
VARDHMAN SPINNING AND GENERAL MILL
error code along with the error code description. In case you find any error, you
can rectify the error and pass the E-TDS/TCS return file again through FVU till
you get an error-free file.
Upload file in the new File Validation Utility (FVU)
Earlier the E-TDS/TCS return file after validating using file validation utility(FVU)
had to be filed with TIN-FC.now Upload File that is generated by the FVU when
the returnis validated using the FVU has to b filed with TIN-FC. This Upload File
is a file with the same filename
as the Input file but with
extension.fvu.ExampleInput file name is 27EQgov.txt, the upload file generated
will be 27EQgov..fvu.
Is the procedure for filing of e-TCS different from that of filing e-TDS
return?
The procedure for filing of e-TCS return is the same as that of e-TDS return
except the forms to be used is different. The relevant forms for filing the e-TCS
return
are:
a)
Annual
return:
Form
No.
27E,
27B
(Control
Chart)
b) Quarterly statement: Form No 27EQ, 27A (Control Chart).
The e-TCS returns are also to be filed with NSDL at the various TIN-FCS.
Charges for filling E-TDS/E-TCS return with TIN-FCs
No. of deductee records in e-TDS/TCS Upload charges
return
service tax)
Returns having up to 100 records
30
182
606
(inclusive
of
The due dates for filing quarterly TDS returns, both electronic and paper are as
under:
Quarter
Date
for Due
Date
for
April to June
15 July
15 July
15 July
July
September
to 15 October
15 October
15 October
October
December
to 15 January
15 January
15 January
January
March
to 15 May
15 May
15 May
S.N
O
NATURE OF PAYMENT
1.
SECTION -194A
LIMIT
TDS
RATE
5000/P.A
SECTION -194B
10%
10%
WINNING FROM LOTTERY OR CROSSWORD 10,000/PUZZLE CARD GAME OR OTHERGAME OF ANY P.A
SORT TO A RESIDENT/NON-RESIDENT
3.
30%
SECTION-194C
PAYMENT TO ARESIDENT
CONTRACTORS
CONTRACTORS/SUB NOT
EXCEED
A) INDIVIDUAL/HUF CONTRACTORS
B) OTHER
THAEN
CONTRACTORS
C) INDIVIDUAL/HUF
ADVERTISING
30,000/P.A
INDIVIDUAL/HUF OR
CONTRACTORS
FOR 75,000/P.A
1%
2%
1%
2%
SECTION-194H
SECTION-194I
10%
RENT O A RESIDENT
6.
1,80,000/
-P.A
2%
10%
SECTION-194J
FEES FOR PROFESSIONALS/TECH SERVICES
30,000/P.A
FOR ALL
10%
OF bank
TDS challan or copy of TDS/TCS certificate should be filed alongwith e(h) No
TDS/TCS return file.
CERTIFICATES
(i) In case of Form Nos. 26 & 27, deductor need not file physical copies of
certificates of no deduction or lower deduction of TDS received from deductees.
(j) In case of Form 24, deductor should file physical copies of certificates of no
deduction or deduction of TDS at lower rate, if any, received from deductees.
However, there is no such requirement in case of Form 24Q.
(k) e-TDS/TCS return file should contain TAN of the deductor/collector without
which, the return will not be accepted.
Vardhman spinning and general mill perform work properly according to their own
way .but my suggestion is that:Vardhman mill perform their all tax related work in EXCEL they most probable
use software for filling returns.
So my suggestion is that they use the software for filling TDS and TCS returns.
By this working of the company is develop.
Brief Summary
In this project gives the overview for E-TDS and E-TCS.
VARDHMAN SPINNING AND GENERAL MILL
E-TDS
Entities (both corporate and non-corporate deductors) making payments
(specified under income tax act) to third parties (deductees) are required to
deduct tax at source (Tax deducted at source-TDS) from these payments and
deposit the same at any of the designated branches of banks authorized to
collect taxes on behalf of government of india.They should also furnish TDS
returns containing details of deductees and challan details relating to deposit of
tax to ITD (Income tax department).
E-TCS
TCS means collection of tax at source by the seller (collector) from the buyer
(collectee/payee) Of the goods (specified u/s 206C of income tax act,1961,like
timber obtained under forest lease,scrap,aby other forest produce not being
timber or tendu leaves etc..)For e.g. if purchase value of goods is Rs.10, 000/-,
the buyer will pay an amount of Rs.10,000/-+X (X being the value as TCS as
prescribed under income tax act, 1961) to the seller. The seller will deposit the
tax collected at source (TCS) at any of the designated branches of the authorized
banks.
Bibliography
All related matter to this project are collected through following:
www.vardhman.com
www.nsdl.com
Study the previous record and project.
Some concept taken from the Book DIRECT TAXES.
Also search related matter through INTERNET.
Vrdhman magazines and files