File TCS Return

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File your TCS Return

The Indian Income Tax Act contains provisions that allow tax collection at source (TCS). These provisions require certain individuals to collect a specific percentage of tax from buyers for exceptional transactions. These transactions are mostly trading or business-related.

frequently asked questions

What is TCS Return?

Tax collected at source (TCS), is the tax that the seller collects from the buyer upon sale, so it can be deposited with tax authorities. Section 206C governs goods for which the seller must collect tax from buyers. To collect TCS, such persons must have the Tax Collector Account Number.

What goods are covered under TCS framework?

  • Purchase of Motor vehicle exceeding Rs.10 Lakhs (1%)
  • Parking lot, Toll Plaza and Mining and Quarrying (2%)
  • Minerals like lignite, coal and iron ore (1%)
  • Scrap (1%)
  • Timber wood by any other mode than forest leased (2.5%)
  • Forest produce other than Tendu leaves and timber (2.5%)
  • Tendu leaves(5%)
  • Timber wood under a forest leased(2.5%)
  • Liquor of alcoholic nature, made for consumption by humans (1%)
Note: If the total turnover exceeds Rs.10 crores for the preceding financial year, and the seller receives sales consideration for any products exceeding Rs 50 lakhs. TCS must be collected by such sellers upon receipt of consideration from buyers for any amount exceeding Rs.50 lakhs.

Does higher TCS rates applicable on buyers?

You may need to pay tax at a higher rate than the rates mentioned above answer, if the buyer is a resident of the United States as per Section 206CCA.
  • For the two previous financial years in which TCS was required to be collected, ITR has not been filed.
  • The deadline to file an ITR has passed.
  • In each of the two financial years, TCS and TDS totaled more than Rs.50,000

Process to File TCS Return

  • Fill up our online application form
  • Mail documents at info@indiataxhub.in
  • Choose payment option from list
  • Congratulations your registration process is completed, we will send your registration certificates on mail.
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