There are some specific people or organizations who have been classified as SELLERS for tax collected at source. No other seller of goods can collect tax at source from the buyers apart from the following list:
BUYERS liable to pay the tax at source to the sellers are:
TCS Payments & Returns
The dates for paying TCS to the government are:
Collection Month |
Quarter Ending |
Due date of Payment |
Due Date of filing return |
April |
30th June |
7th May |
15th July |
May |
7th June |
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June |
7th July |
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July |
30th September |
7th August |
15th October |
August |
7th September |
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September |
7th October |
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October |
31st December |
7th November |
15th January |
November |
7th December |
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December |
7th January |
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January |
31st March |
7th February |
15th March |
February |
7th March |
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March |
7th April |
All sums collected by an office of the Government should be deposited on the same day of collection.
The seller deposits the TCS amount in Challan 281 within 7 days from the last day of the month in which the tax was collected.
Penalty for Late Payment
If the tax collector responsible for collecting the tax and depositing the same to the government does not collect the tax or after collecting doesn’t pay it to the government as per above due dates, then he will be liable to pay interest of 1% per month or a part of the month.
Every tax collector has to submit quarterly TCS return i.e. in Form 27EQ in respect of the tax collected by him in a particular quarter. The interest on delay in payment of TCS to the government should be paid before filing of the return.
Certificate of TCS
When a tax collector files his quarterly TCS return i.e. Form 27EQ, he has to provide a TCS certificate to the purchaser of the goods.
Form 27D is the certificate issued for TCS returns filed. This certificate contains the following details: