What Is the TCS Return Due Date and How to File It?

• Posted by AMpuesto India April 14, 2025 Filed in Business #tcs return due date  #tcs return  29 views
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  Tax Collected at Source (TCS) is a type of tax that certain sellers collect from buyers during the sale of specific goods and services. Understanding the TCS return due date and the process of filing TCS return is crucial for businesses to remain compliant with tax regulations.

  Visit: https://ampuesto.in/tds-tcs-return

  What Is TCS and Who Is Liable to Collect It?

  TCS refers to the tax collected by a seller from the buyer during a sale of specific items. As per Section 206C of the Income Tax Act, certain sellers are required to collect tax from buyers at the point of sale. The seller then deposits the collected tax to the government.

  Key Transactions for TCS Collection

  • Sale of alcoholic liquor for human consumption

  • Sale of forest produce (other than timber)

  • Sale of scrap

  • Sale of minerals like lignite, coal, and iron ore

  • Overseas tour packages

  Who Is Required to File TCS Returns?

  Businesses or entities collecting TCS must file TCS returns periodically. It is the responsibility of the collector to submit these returns accurately and within the specified due dates.

  What Is the TCS Return Due Date?

  The TCS return due date varies depending on the period for which the return is being filed. Usually, TCS returns are filed on a quarterly basis. The table below highlights the TCS return due dates:

  Quarter	Period	Due Date
  Q1	April - June	15th July
  Q2	July - September	15th October
  Q3	October - December	15th January
  Q4	January - March	15th May

  Consequences of Missing the Due Date

  If the TCS return due date is missed, a penalty of Rs. 200 per day under Section 234E will be levied until the return is filed. The penalty, however, cannot exceed the TCS amount.

  How to File TCS Return?

  Filing a TCS return requires following a systematic approach to ensure accuracy. Below is a step-by-step guide to filing TCS returns online:

  Step 1: Gather Necessary Documents

  Before filing, ensure you have the following documents ready:

  • Tax Deduction and Collection Account Number (TAN)

  • PAN details of the collector and collectee

  • Challan details for tax deposited

  • TCS return file (Form 27EQ)

  Step 2: Download the File Validation Utility (FVU)

  Download the FVU from the TIN-NSDL website. This utility helps in preparing and validating the TCS return file.

  Step 3: Prepare the Return File

  Using the Return Preparation Utility (RPU), enter the required details, including:

  • TCS collected

  • PAN of the deductees

  • Tax deposit details

  Step 4: Validate and Generate the File

  After preparing the return, validate it using the FVU. This step ensures that the file is error-free before submission.

  Step 5: Upload the TCS Return

  Login to the TIN-NSDL portal and upload the validated return file (Form 27EQ) along with the Digital Signature Certificate (DSC).

  Step 6: Acknowledgement

  After successful submission, download the acknowledgement receipt for future reference.

  Important Points to Remember

  TCS Certificate (Form 27D)

  After filing the TCS return, the collector must issue a TCS certificate (Form 27D) to the buyer. This certificate serves as proof that the tax has been collected and deposited.

  Correction of TCS Return

  If there are errors in the filed return, a correction statement can be submitted to rectify the mistakes. The revised return must also be filed through the TIN-NSDL portal.

  How to Check the TCS Return Status?

  After filing the return, it’s important to check the status to ensure successful processing. Follow these steps:

  1. Visit the TIN-NSDL website.

  2. Navigate to the ‘Status of TCS/TDS Statements’ page.

  3. Enter your TAN and the relevant Provisional Receipt Number (PRN).

  4. Submit the details to view the status.

  Penalty for Non-Filing or Late Filing

  Failing to file the TCS return on time can lead to hefty penalties:

  • Late Filing Fee (Section 234E): Rs. 200 per day till the default continues.

  • Penalty (Section 271H): Ranges between Rs. 10,000 and Rs. 1 lakh.

  • Interest on Late Payment: Interest at 1% per month on the unpaid TCS amount.

  Benefits of Filing TCS Returns on Time

  Avoid Penalties

  Filing on time helps avoid penalties and ensures compliance with tax regulations.

  Smooth Business Operations

  Proper TCS filing maintains a clean financial record, ensuring hassle-free operations.

  Legal Compliance

  Businesses that comply with TCS return due dates avoid legal complications and scrutiny.

  Improved Credibility

  Timely filing reflects a company’s commitment to legal and financial responsibilities.

  Conclusion

  Understanding the TCS return due date and the steps to file TCS returns is essential for businesses to remain compliant with the tax laws. By adhering to deadlines and maintaining accurate records, businesses can avoid penalties and maintain their financial credibility. For expert assistance in filing TCS returns, contact AMpuesto today!

  Source: https://ayema.ng/blogs/174656/What-Is-the-TCS-Return-Due-Date-and-How-to