TCS or Tax Collected at Source is the income tax collected in India, that is payable by the seller who collects in turn from the buyer at the sale of specified goods.
Income tax Act also provides a provision for some people to collect Tax at source at a specific rate for a few specified transactions. Most of these transactions are of a Trading or Business nature. TCS is the Tax collected by a specific seller from a buyer at the time of sale.
After depositing the collected Tax at source, the Collector (i.e. seller) must file a TCS return to the Government for every quarter of a financial year. TCS return is summary submitted by the person collecting the tax at source to the Income-tax Department containing the following details:
We will make sure that TCS return compliance is made within the due dates.After the end of every quarter, we will coordinate with you for the transaction details and Tax deposit challans. As per the provided data, we will prepare the TCS return and file the same.After filing the TCS return, we will provide you with the Form 27D for your collectee.