What does 'TCS TREAS' mean? | Help Center (2024)

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What does 'TCS TREAS' mean? | Help Center? ›

What does 'TCS TREAS' mean? What does 'TCS TREAS' mean? If your client's refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means the taxpayer may have owed a debt.

If you receive a deposit with the description "TCS Treas 449" in your bank account, it means that you have received a tax refund from the federal government. The refund may be the result of overpayment of income taxes, excess Social Security taxes, or other types of federal taxes.

The U.S. Department of Treasury's Bureau of the Fiscal Service explains that when IRS Treas 449 appears in the company field on direct deposits of IRS tax refunds, this indicates a portion has been offset for delinquent debt.

Tax Collected at Source (TCS) is a tax payable by a seller which he collects from the buyer at the time of sale of goods. Section 206 of the Income Tax Act mentions the list of goods on which the seller should collect tax from buyers.

TCS is collected in addition to any GST on services. What makes TCS unique is that you may claim a refund of the amount when filing your ITR. For example, if the TCS paid in 2024 is more than your tax liability for the financial year, you can claim an appropriate refund.

As per the amendment under section 206C of the Income-tax Act, 1961 (Act), an authorized dealer who receives an amount, for remittance under the Liberalized Remittance Scheme shall be liable to collect Tax Collected at Source (TCS) on Liberalized Remittance Scheme (LRS) transactions.

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Tax Collected at Source (TCS) is the tax collected by the seller from the buyer during the sale of specified goods. This provision is governed by Section 206C of the Income-tax Act. The seller collects a specified percentage of tax from the buyer, which is then deposited with the tax authorities.

TCS, short for, Tax Collected at Source, is the type of income tax collected by the seller of selected goods and services from the buyer.

How do I check my TCS payment? ›

Login to the GST Portal with valid credentials. Click the Services > Returns > TDS and TCS credit received command. 2. The TDS and TCS credit received page is displayed.

Roles of the traction control system

The traction control system (TCS) detects if a loss of traction occurs among the car's wheels. Upon identifying a wheel that is losing its grip on the road, the system automatically applies the brakes to that individual one or cut down the car's engine power to the slipping wheel.

The traction control system (TCS) is a safety system that detects when a car's wheel slips and loses grip on the road. The system then automatically slows the slipping wheel's speed.

It could be: A refund from a filed tax return, including an amended tax return or an IRS tax adjustment to your tax account – this will show as being from the IRS (“IRS TREAS 310”) and carry the code “TAX REF.”

Tax Collected at Source (TCS) is the tax collected by the seller from the buyer during the sale of specified goods. This provision is governed by Section 206C of the Income-tax Act. The seller collects a specified percentage of tax from the buyer, which is then deposited with the tax authorities.

Depositing any TCS amounts collected by government offices on the same collection day is required. Other collectors must deposit the TCS amount using Challan 281 within seven days after the last day of the month during which the TCS was collected from the buyer.