TCS is another tax collection mechanism by govt to ensure regular flow of income to the govt and to widen the scope of income tax. In TDS tax is deducted from receiver or deductee but in TCS tax is collected from buyer.
What is TCS?
It is a liability as per section 206C.TCS is the tax collected by the seller from the buyer at the time of debiting of amount payable by buyer or at the time of receipt of amount by way of cash, DD, cheque or any other means whichever …

Income tax rate slab is changed in the recent budget by finance minister Pranab Mukherjee. The main highlights on income tax are.

Tax  slab revised
Surcharge is reduced to 7.5 % from 10 % for domestic company
extended income tax exemption to investment in infrastructure bonds by Rs 120,000.00
Limits for turnover over which accounts need to be audited enhanced to Rs. 60lakh for businesses and to Rs. 15 lakh for professions.

Most of the readers have already been updated with the new income tax rate for the assessment year 2010-11 however we would like to keep an income tax rate chart for those who are not aware of the change.
Income tax Rate for Individual, Hindu   undivided family, Association of Persons, Body of individual