Do you need help filing your TCS return? We are here to assist you with any and all of your needs!
Be GST Compliant with us!
TCS or Tax Collected at Source is the income tax collected in India, that is payable by the seller who collects in turn from the buyer at the sale of specified goods.
Income tax Act also provides a provision for some people to collect Tax at source at a specific rate for a few specified transactions. Most of these transactions are of a Trading or Business nature. TCS is the Tax collected by a specific seller from a buyer at the time of sale.
After depositing the collected Tax at source, the Collector (i.e. seller) must file a TCS return to the Government for every quarter of a financial year. TCS return is summary submitted by the person collecting the tax at source to the Income-tax Department containing the following details:
|Types of Goods||Rate|
|Liquor of alcoholic nature, made for human consumption||1%|
|Timber wood other than forest leased||2.5%|
|Timber wood under a forest leased||2.5%|
|Minerals like lignite, coal and iron ore||1%|
|Purchase of Motor vehicle exceeding the value Rs. 10 Lakhs||1%|
|Parking lot/Toll Plaza/Mining and Quarrying||2%|
|Form 27C||A declaration furnished by a buyer of the specified goods to the seller in case such goods are to be used for the purpose other than trading.|
|Form 27EQ||Quarterly TCS return|
|Form 27D||A certificate issued to the collectee by Collector as an acknowledgement for the Tax collected and deposited.|
|Form 27G||A monthly statement of return to be furnished by the government collector of Tax for the Tax collected and deposited without a challan.|
|Q1 – April to June||15th July|
|Q2 – July to September||15th Octobers|
|Q3 – October to December||15th January|
|Q4 – January to March||15th May|
|Section||Minimum liability||Maximum liability|
|Late filing of Form 27EQ (Interest u/s. 234E)||Rs. 200 per day to date of filing the return.||The maximum amount payable is equal to the amount of tax collected.|
|Non-filing or incorrect return filing (Penalty u/s. 271H)||RS.10,000/-||RS.1,00,000/-|