TCS Highlights

TCS Highlights


TCS Highlights

Nature of Payment Threshold Amount TCS Rates (%)
F. Y. 2018-19
Individual / HUF Others
Scrap 1 1
Tendu Leaves 5 5
Timber obtained under a forest lease or other mode 2.5 2.5
Any other forest produce not being a timber or tendu leave 2.5 2.5
Alcoholic Liquor for human consumption 1 1
Parking Lot, toll plaza, mining and quarrying 2 2
Minerals, being coal or lignite or iron ore 1 1
Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs 200000 1 1
TCS on sale in cash of any goods (other than bullion/jewellery) 200000 1 1
TCS on providing of any services (other than Ch-XVII-B) 200000 1 1
TCS on Motor Vehicle 1000000 1 1

Due date for payment of tax collected

The tax so collected is to be paid to the credit of the Government within a period of 7 days from the last day of the month in which the tax is collected at source. Where it is collected by an office of the Government then it shall be paid to the credit of the Central Government on the same day.

Declaration of PAN mandatory

As per section 206CC of Income Tax Act 1961 if person paying any sum or amount on which tax is collectable at source shall furnish his PAN to the person responsible for collecting such tax, failure of  which leads to collecting tax at higher of following:

  • At the rate of 5% or
  • At twice the rate mentioned in the relevant section under Chapter XVII -BB

Due date for furnishing return of TCS

Sr. No Quarter of Financial Year ended Due date
1 30th June 15th July of Financial Year
2 30th September 15th October of Financial Year
3 31st December 15th January of Financial Year
4 31st March 15th May of Financial Year


Penalty for failure to submit TCS return

As per section 234E, where a person fails to file the TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TCS.

As per section 271H of Income Tax Act 1961, where a person fails to file the statement of tax collect at source i.e. TCS return on or before the due dates prescribed in this regard, then assessing officer may direct such person to pay penalty under section 271H. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1, 00,000. This penalty is in addition to penalty under section 234E of Income Tax Act 1961.