Every person having a TAN and collecting tax at source needs to file Form 27 Q Quarterly
Every person having a TAN and collecting tax at source needs to file Form 27 Q Quarterly
Services Covered
Form 27Q up to 10 Deductes (1.no)
Registration on Traces ·
Online FVU Generation and submission
The documents needed shall depend on the service you need at a particular point of time. The same shall be communicated to you by our experts based on your requirements.
Purchase the plan
Document collection and verification
will prepare and file the TCS retun - Form 27EQ
What is TDS return?
A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed quarterly. Different types of TDS deductions have to be filed using different TDS return forms.
What is Quarterly eTDS/eTCS statement?
TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. However, as advised by Income Tax Department, acceptance of e-TDS/TCS statements pertaining to Financial Years prior to 2007-08 has been discontinued at the TIN. The forms used for quarterly e-TDS statements Forms are 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both, e-TDS/TCS statements.
What is tax collected at source?
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers
What is tax collected at source for cars?
TCS is applicable on automobiles above Rs 10 lakh at the rate of 1% and is levied on the ex-showroom price, which includes applicable GST. Under the income tax law, suppliers of some goods are liable to collect TCS on items such as scrap at the time the amount is received against supply.
Is tax collected at source refundable?
Yes, the tax collected at source by the seller (paid by the buyer) is in the form of tax which can be adjusted by the buyer against its tax liability. However, if the buyer doesn't have the taxable income, then, the TCS can be claimed as a refund.
What is the difference between tax deducted at source and tax collected at source?
Tax Deducted at Source is treated as an expense to the company. Tax Collected at Source is treated as an income to the company. TDS is mainly applicable to salary payments, interest payments, rents, the professional fee paid, lotteries, etc
What is TCS example?
TCS is a short form for Tax Collected at Source. This tax is payable by the seller who collects in turn from the lessee or buyer. The goods are as specified under section 206C of the Income Tax Act, 1961. Let's take an example to better understand the process.
