TCS Return Filing
Tax Collected at Source (TCS) is a system introduced by the government which works on the concept that where a person selling specific goods is liable to collect tax from a buyer at a prescribed rate and deposits the same with the Government. TCS is an extra amount collected as tax by a seller of specified goods from the buyer at the time of sale, which is over and above the sale amount and it is remitted to the government account.
Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TCS returns.
TCS is applicable on specified goods listed under Section 206C of the Income Tax Act, 1961. Due to Covid-19, CBDT has reduced the TCS rate by 25% through a press release dated 13/05/2020 for the time being. (Valid up-to 31.03.2021)
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Frequently Asked Questions (FAQs)
What is TCS Return?
Tax Collected at Source Return (TCS Return) is a form in which seller discloses the total tax collected by him from the buyer at the time of sale of goods specified under Income Tax Act, 1961.
Who is required to file TCS Return?
According to Income Tax Act, 1961, all the government collectors or corporate collectors are mandatorily required to file TCS return before Income Tax Authority.
What are the benefits of TDS Return?
- To prevent Tax-Evasion
- Source of Income of Government
- Become a law-abiding citizen
- No need to file tax again by collectee
What is the Due-date for filing TCS Return?
What are the implications of not filing TCS Return?
If any person who is mandatorily required to file TDS Returns fails to do so within the prescribed time limit then he shall be liable to pay penalty under the Income Tax Act, 1961.