Tax Collected at Source (TCS) Return Filing

Overview

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Tax Collected at Source (TCS) refers to the tax collected by a seller on behalf of the government at the time of sale of specified goods or services.
The TCS provisions apply to specified goods and services such as alcohol, scrap, and specified forest produce, as well as the sale of motor vehicles of a certain value.
The seller is required to deposit the TCS so collected with the government and file a TCS return to report the collection and deposit of TCS. The form used for TCS return filing is Form 27EQ.
The return must be filed on a quarterly basis and must include details of the TCS collected, the amount deposited with the government, and the balance if any.

Advantages

Separate Legal Entity

A Pvt. Ltd. Co. is a separate legal entity from its shareholders, which means it can enter into contracts and own assets in its own name.

Limited liability of Shareholders

Since company is a separate entity, the liabilty of shareholders is restricted to the subscribed
Share Capital.

Perpetual Succession

It has a perpetual succession, meaning it continues to exist regardless of changes in shareholders
or directors.

Fund Raising

Public access of the companies details on the MCA portal, makes company transparent and reliable
for fund raising

Professional Management

A Pvt Ltd Co. is usually managed by a board of directors, which leads to more professional
management.

Tax Benefits

Pvt. Ltd. Co. are eligible for tax benefits and exemptions,
which can help reduce the overall
tax burden.

Branding and Reputation

A Pvt. Ltd Co. can help establish a
strong brandingand reputation for the
business.

Greater Credibility

A Pvt. Ltd. Co. is viewed as more credible
and trustworthy by customers, suppliers,
and partners.

Frequently Asked Question

The person who is responsible for collecting TCS is also responsible for filing the TCS return.

The TCS return must be filed electronically through the e-filing portal of the Indian income tax department.

Yes, TCS return filing may be different for different goods and services as the TCS provisions apply to specified goods and services such as alcohol, scrap, and specified forest produce, as well as the sale of motor vehicles of a certain value.

Yes, TCS returns can be revised within a specified time frame.

If the return is filed after the due date but before the end of the relevant financial year, a fee of INR 200 per day of delay (up to a maximum of Amount of TCS) may be imposed.

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SPECIAL ENTITY

MANDATORY REGISTRATIONS

NEED BASED REGISTRATIONS / LICENCES

INTELLECTUAL PROPERTIES

DRAFTING

INCOME TAX RETURN (ITR)

GOODS AND SERVICES TAX ( GST )

TDS / TCS

COMPANY COMPLIANCE

LLP COMPLIANCE

CONVERSIONS

ACCOUNTING & BOOK-KEEPING

pAYROLL MANAGEMENT

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Tax Collected at Source (TCS) Return Filing