TCS Return Filing
Frequently Asked Questions (FAQs)
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.
According to Income Tax Act, 1961, all the government collectors or corporate collectors are mandatorily required to file TCS return before Income Tax Authority.
- To prevent Tax-Evasion
- Source of Income of Government
- Become a law-abiding citizen
- No need to file tax again by collectee
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.