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Tax Collected at Source Services in Mumbai, Tax Collected at Source Services in Wadala, Tax Collected at Source Services in Sion, Tax Collected at Source Services in Kurla ,Tax Collected at Source Services in Antophill, Tax Consultant Service in Wadala, Kurla, Sion, Antophill Mumbai India.

Tax Collected at Source (TCS) Services

Wadala, Kurla, Sion, Antophill Mumbai India

We are also providing Tax Collected at Source (TCS) Services. For more than 5 years, Indiabizline Online Solutions has been helping clients for TCS return filling. Tax Collected at Source Services in Wadala. Tax Collected at Source Services in Sion. TCS return filling in Antophill. TCS return filling allover  the Mumbai. We provide all tax consultant related services in Wadala, Kurla, Sion, Antophill Mumbai India. At Indiabizline, Our CA provides all types of tax consultant service regarding tax collection at source all over the Mumbai and for delivering results.

Tax Collected at Source(TCS) Return Filling

TCS is the Tax Collected at Source by the seller (collector) from the buyer/ lessee (collectee/ payee). The goods are as specified under section 206C of the Income Tax Act, 1961. If the purchase value of goods is X, the amount payable by the buyer is X+Y, where Y is the value of tax at source. The seller deposits Y (tax collected at source) at any designated branch of banks authorised to receive the payment. The seller, lessor or licensor, is responsible for the collection of tax from the buyer, lessee or licensee. The tax is collected for sale of goods, on transactions, receipt of amount from the buyer in cash or issue of cheque, draft or any other mode, whichever is earlier.


Goods and Transactions Classified under TCS

Goods and transactions classified under TCS are listed below:

  • Alcoholic liquor for human consumption including Indian Made Foreign Liquor (IMFL)
  • Tendu leaves
  • Timber obtained under a forest lease
  • Timber obtained by any mode other than under a forest lease
  • Any other forest produce not being Timber or Tendu
  • Scrap (Scrap means waste and scrap from the manufacture or mechanical working of materials which is usable as such because of breakage, cutting up, wear and tear and other reasons)
  • Licensing or leasing of Parking Lot, Toll Plaza
  • Mining and quarrying

Classification of Seller for TCS

Under TCS, a seller is defined as any of the following:

  • Central Government
  • State Government
  • Any Local Authority
  • Any Statutory Corporation or Authority
  • Any Company
  • Any Partnership Firm
  • Any Co-operative Society
  • Any individual/HUF whose total sales or gross receipts exceed the prescribed monetary limits as specified under section 44AB during the previous year

Classification of Buyer for TCS

  • A buyer is classified as a person who obtains goods or the right to receive goods in any sale, auction, tender or any other mode. The following are not included:
  • Public Sector Companies
  • Central Government
  • State Government
  • Embassy of High Commission, Consulate and other Trade Representation of a Foreign State
  • Any Club, such as social clubs, sports clubs and the like

Filing of TCS Returns

TCS returns are to be filed quarterly, in addition to annual returns.

  • The quarterly returns are to be filed in Form Number 27EQ on or before  July 15, October 15 and January 15, respectively for the first three quarters of the financial year. For the last quarter, the returns are to be filed on or before April 30.
  • Annual returns are to be filed in Form Number 27E on or before June 30 of the following financial year.
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