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      Question

      TCS (Tax Collected at Source) is a tax collected

      by:
      A The buyer of specified goods from the seller. Correct Answer Incorrect Answer
      B The seller of specified goods from the buyer. Correct Answer Incorrect Answer
      C The employer from the employee. Correct Answer Incorrect Answer
      D The bank from the depositor. Correct Answer Incorrect Answer

      Solution

      TCS is an income tax collected by the seller from the buyer at the time of sale of certain specified goods (like timber, scrap, minerals) or services (like overseas tour packages). The seller then deposits this tax with the government.

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