Person liable to furnish TCS statement
Every person responsible for collection of tax at source shall be required to furnish quarterly statements in respect thereof.
Form for filing TCS statements
Quarterly TCS statements shall be furnished in Form No. 27EQ
Due date of filing of TCS statements
The due dates for filing quarterly TCS statements are as follows:-
- Quarter ending of the financial yearDue Dates
- 30th June15th July of the financial year
- 30th September15th October of the financial year
- 31st December15th January of the financial year
- 31st March15th May of the financial year immediately following the financial year in which collection is made.
Furnishing of TCS statement electronically
The quarterly TCS statement shall be furnished electronically in any of the following mode:
- a) Furnishing the statement electronically under digital signature; or
- b) Furnishing the statement electronically along with the verification of the statement in Form 27A or verified through an electronic process.
Every person, being a seller, shall at the time of debiting the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer, whichever is earlier, collect from the buyer of any goods of the nature specified in column (1) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (2) of the said Table, of such amount as income-tax:
- Nature of GoodsRate (in %)
- Alcoholic liquor for human consumption1
- Tendu leaves5
- Timber obtained under a forest lease2.5
- Timber obtained by any mode other than a forest lease2.5
- Any other forest produce (not being timber/tendu leaves)2.5
- Minerals, being coal or lignite or iron ore1
Due date for deposit of TCS to the credit of Central Government:
Tax collected at source shall be deposited to the credit of Central Government in accordance with the following provisions:
- 1) In case tax is collected by an office of the Government:
- Where tax is paid without production of an income-tax challan, on the same day when tax is collected.
- Where payment of tax is accompanied by an income-tax challan, on or before 7 days from the end of the month in which tax is collected.
- 2) In case tax is collected by non-government persons, within one week from the last day of the month in which tax is collected.
Mode of deposit TCS:
Taxes collected at source shall be deposited to the credit of the Central Government in following modes:
- 1) E-Payment: E-Payment is mandatory for:
- a) All the corporate assesses;
- b) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.
- 2) Physical Mode: By furnishing the Challan No. 281 in the authorized bank branch