TCS Return Filings
The person who deducts TCS is liable to furnish TCS Return. It is mandatory to file TCS Return within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TCS Return. The following persons are required to file TCS return quarterly, if they have deducted any TCS regarding any payment.
- Persons whose accounts Audited (See limit for Audit of Accounts)
- Govt. Officers
FAQ on TCS Returns:
What is TCS Return?
TCS Return/statement is a summary of all the transactions related to TCS made during a Quarter. The quarterly statements may be furnished in any of the following manner;
- furnishing the statement in paper form;
- furnishing the statement in electronically (Digital Signature)
- furnishing the statement (form 27A)
What are the due dates to file TCS Returns?
Period Due Date for TCS Return Quarter ending 30th June 15th July Quarter ending 30th September 15th October Quarter ending 31st December 15th January Quarter ending 31st March 15th May
What are the forms used for filing TCS Returns?
Form No. Particulars Periodicity 27EQ TCS Quarterly
What is Form No. 27A?
- Form No. 27A is a control chart of quarterly e-TCS statements to be filed in paper form by deductors/collectors along with quarterly statements. It is a summary of e-TCS returns which contains control totals of ‘amount paid’ and ‘income tax deducted at source’. The control totals of ‘amount paid’ and ‘income tax deducted at source’ mentioned on Form No. 27A should match with the corresponding control totals in e-TCS return. A separate Form No. 27A is to be filed for each e-TCS return.
What is the Penalty for late filling of TCS Return?
- Delay in furnishing the TCS statement will result in a mandatory fees of `200 per day, the total fees should not exceed the total amount of TCS made for the quarter. The penalty for non filing of TCS return for more than one year from the specified date is a minimum `10,000/- to `1,00,000/-.