TCS Return

  • Assistance in preparing the document
  • Filling the return
TCS Return – 
  • Invoice and payment details
  • Chalan Details
  • Customer or vendor details

About TCS Return

Get your private limited company incorporated with a very convenient process and get help from experts in the comfortable environment of your home or office.

Note – Charges are based on minimum government fees or structure state-wise. If there are additional services or extra government fees, then the same has to be borne by the service receiver.

Each additional 10 records – 200

1,000.00 Excl. of GST

OR

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Frequently Asked Questions about TCS Return

Q1. What is TCS?

Tax Collection at source – Just like TDS, TCS is also implemented to collect tax at the time of transaction. In TDS responsibility of deducting tax is on the payer and in TCS responsibility of collecting and depositing tax is on the payee.

Q2. What are TCS rates?
Section Description TCS rate TDS if no PAN or Non-ITR Filler Threshold limit Summary
206C (1)
Sale of Scrap 1.00% 5.00%
25% discount given due to corona Pandemic till 20-21
Sale of Tendu leaves 5.00% 10.00%
25% discount given due to corona Pandemic till 20-21
Sale of timber under forest lease or another mode 2.50% 5.00%
25% discount given due to corona Pandemic till 20-21
Sale of other forest products 2.50% 5.00%
25% discount given due to corona Pandemic till 20-21
Sale of alcoholic liquor for human consumption 1.00% 5.00%
Sale of Minerals, Iron ore or coal lignite by a trader 1.00% 5.00%
25% discount given due to corona Pandemic till 20-21
206C
Sale of Indian made foreign Liquor 1.00% 5.00%
Foreign remittance through Liberalised Remittance Scheme (LRS)
0.50% 5.00% 7,00,000/- in a year related to a loan obtained from u/s 80E for the purpose of pursuing any education
5.00% 10.00% 7,00,000/- in a year In any other case
Selling of overseas tour package 5.00% 10.00%
206C (1C) Lease of the license of parking lot toll plaza, mining and quarrying 2.00% 5.00%
25% discount given due to corona Pandemic till 20-21
206C (1F) Sale of Motor Vehicle 1.00% 5.00% 10,00,000/- At the time of retail sale
206C (1H) Sale by a person who has turnover/receipt of more than 10 Crore in the previous year to his customer 0.10% 5.00% 50,00,000/- in a year Not In case of export 25% discount given due to corona Pandemic till 20-21
Q3. In which cases TCS collection is exempted?

If the buyer is resident and furnishes a declaration under section 206C(1A) in prescribed form No. 27C to the seller that the product is to be utilised for the purpose of manufacturing, processing or producing or for power generation and not trading purposes. Then seller has to furnish the same declaration to the concerned income tax officer on or before the 7th day of the next month in which the declaration is furnished.

Q4. What is TCS Certificate?

It is a certificate issued for return filled for TCS under 27EQ. It can be downloaded from TRACES.

Q5. What are the due dates of TCS collection and TCS depositing?
  • The due date of TCS collection from the buyer is the date of receipt or the date of the amount becoming due whichever is earlier.
  • The due date for TCS collection is the 7th of next month in which TCS was collected.
Q6. What is the due date of TDS return filing?
Quarter Period Due date
1st Quarter April – Jun 15th July
2nd Quarter July – Sep 15th October
3rd Quarter Oct-Dec 15th January
4th Quarter Jan – March 15th May
Q7. What is the penalty for not filing TCS return?

There are multiple penalties for not filling TCS return:

  • Late fees – 200/Day from the due date to date of filing ITR or TDS deducted for which statement is filed whichever is less.
  • An additional penalty of u/s 271 H can be levied by an income tax officer minimum of 10,000/- up to 1 lakh if the return is not filled for more than 1 year.
  • If incorrect details are filled in like PAN, TAN, TDS Amount, Challan number then a penalty of 10,000/- up to 1,00,000/- can be levied u/s 271 H.
Q8. What is the penalty for not collecting or depositing TCS to the government?

A penalty up to the amount of TCS to be collected can be levied on the person in default.

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