| Obtaining Tax Deduction Account Number (TAN) |
Computation of Monthly TCS |
| Monthly Deposit of TCS Electronically | Issue of TCS Certificate(Form 27D) (Per Form) |
| Filling of Quarterly TCS Return (Per Quarter Per Return) | Filling Of Correction Statement |
TCS tax full form Tax Collected at Source is the form of tax payable by the seller, which the seller collects from the Buyer at the time of the sale. All the terms & conditions are governed by the Section 206C of Income-tax act.
New TCS Tax ProvisionAs per the new TCS tax provision, if any seller has an annual turnover more than Rs. 10 crores in the preceding Financial Year then he from 1st October 2014 he is liable to collect TCS tax at a rate of 0.1% (0.075% till 31.03.2021) from the buyer if the buyer purchases products exceeding Rs. 50 Lac. This 50 Lac limit will be observed for each buyer separately. In simple words, there will be no TCS tax liable to be collected from the buyer until he reaches a purchase of 50 Lac. The seller can only collect tax once the limit of Rs. 50 Lac is reached. As a grace period, the sale made to the buyer until 30 September 2014 shall not be included in the provision. All the sale till 30 September 2014 shall be exempted from any TCS tax. This rebate is given only for the first year of implementation.
| Type of Goods | Rate |
|---|---|
| Alcohol & Liquor made for consumption by humans
Other consumable goods by humans |
1% |
| Timber wood under a forest | 2.5% |
| Tendu leaves | 5% |
| Timber wood by any other mode than forest leased | 2.5% |
| A forest produce other than Tendu leaves and timber | 2.5% |
| TCS on Scrap | 1% |
| Minerals like lignite, coal and iron ore | 1% |
| Exceeds over Rs. 2 lakhs/ Jewellery that exceeds over Rs. 5 lakhs | 1% |
| Purchase of Motor vehicle exceeding Rs. 10 Lakhs | 1% |
| Parking lot, Toll Plaza and Mining and Quarrying | 2% |
| Collection Month | Quarter Ending | Due date of Payment | Due Date of filing return |
|---|---|---|---|
| April | 30th June | 7th May | 15th July |
| May | 7th June | ||
| June | 7th July | ||
| July | 30th September | 7th August | 15th October |
| August | 7th September | ||
| September | 7th October | ||
| October | 31st December | 7th November | 15th January |
| November | 7th December | ||
| December | 7th January | ||
| January | 31st March | 7th February | 15th May |
| February | 7th March | ||
| March | 7th April |
Different forms have been prescribed for filing TCS returns depending upon the nature of the TCS deduction, such as
| FORM | PARTICULARS |
|---|---|
| Form 27Q | Quarterly statement of deduction of tax from interest,dividend or other sum payable to non residents. |
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