TCS – A Tax collected at source and its Rates

1. Public sector companies

2. Central Government

3. State Government

4. Embassy of High Commission

5. Consulate and other Trade Representation of a Foreign Nation

6. Clubs such as sports clubs and social clubs

Goods covered under and Applicability of Tax rates

When the buyers and sellers deal in the
goods utilized for trading, TCS is payable and the tax payable is collected by
the seller at the point of sale.

Note -Tax Exemptions

• The goods mentioned in the list, if utilized for the purpose of
  manufacturing, production or processing things the taxes are not payable by the
  buyer.
• When the eligible goods are used for personal consumption

Goods specified under different categories have
different TCS rates

 

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What are the due dates of filing the return
and making the payment to the government?

The due date for filing the return and
making the payment is as follows-

Note

The seller deposits the TCS amount within 7 days in Challan
281 from the last day of the month in which the tax was collected and If in
any case, the tax collector 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.

Tax Collector is the person responsible for
collecting the tax and depositing the same to the government

A quarterly TCS return i.e. Form 27EQis required to be submitted by every tax collector 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.

When the certificate of TCS is issued?

A certificate is
issued for TCS return filed in Form 27D, as when the tax collector files
his quarterly TCS return i.e.  Form 27EQ, he has to provide a TCS
certificate to the buyer of the goods. The TCS certificate contains the
following details of the seller and the buyer both i.e.

• Name and PAN of
  both the seller and the buyer,
• TAN of the
  seller,
• A Sum of Tax
  collected by the seller from the buyer,
• Date of
  collection and rate of tax applied to the goods.

Time Duration for
issuance of TCS certificate

The TCS
certificate is required to be issued within 15 days from the date of filing the
quarterly return i.e.