TCS Return Filing

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What is TCS?

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. 

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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:

Classification of Buyer and Sellers for TCS provision:

Related read:Income Tax Returns (ITR) AY 2021-22: Which ITR Form Should You File?

Goods covered under TCS provision and their applicable rate

Types of Goods Rate
Liquor of alcoholic nature, made for human consumption 1%
Tendu leaves 5%
Timber wood other than forest leased 2.5%
Timber wood under a forest leased 2.5%
Scrap 1%
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%

Exemption from TCS

Types of Form related to TCS

Form Particular
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.

Deadlines for TCS return filings:

Quarter Due dates
Q1 – April to June 15th July
Q2 – July to September 15th Octobers
Q3 – October to December 15th January
Q4 – January to March 15th May

Penalty and Late fees attached TCS return

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/-

How can we help you?


a. How long is board resolution valid?

Board resolutions are valid for a period of 10 years

b. How many types of board resolution are there?

There are types of board resolution namely special resolution & ordinary resolution

c. Can a shareholder propose a resolution?

Yes, shareholders having 5% of shares can propose a resolution but it is not agreed within 28 days then is not accepted.

d. Which statutory registers are mandatory to maintain under the act?
  • Register of members indicating separately for each class of equity and preference shares held by each member residing in or outside India;
  • Register of debenture-holders; and
  • Register of any other security holders.
e. Can anyone ask for a copy/extract of the statutory register?

Any such member, debenture-holder, other security holder or beneficial owner or any other person may ask. Fees are charged if they ask for a copy of the register.

f. Consequences if a company fails to maintain the Statutory Register?

Non-maintenance of such a register may attract the penalty on the Company and every Officer in Default of not less than ₹ 50,000/- which may extend up to ₹ 3 lacs. Also, a penalty of ₹ 1,000/- per day if the default continues.

g. Still, have doubts?

Speak to our experts who shall solve all your doubts.

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Still have doubts?

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Call us at 77380 66 334 or Mail us at

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