27EQ – Statement of TCS deposit

May 15, 2019 all-day

Quarterly statement of TCS deposited by the Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per Section 206C (1) for the purpose of business and not for personal use in Form 27EQ.

Information :-TCS is chargeable, as mentioned in the form for:
(1)Alcoholic Liquor that is meant to be consumed by humans.
(2)Tendu leaves
(3)Timber obtained from a forest which is under a lease
(4)Timber that is obtained from any other forest that is not on lease.
(5)Any other forest produce other than timber and tendu leaves, and Scrap
There are certain exemptions for TCS based on goods, buyer and seller definitions as per the section in the form.

Penalty: –
Sec 234E: Deductor will be liable to pay way of fee Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the amount of TDS for which statement was required to be filed.

Penalty (Sec 271H): Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may extended to Rs.1,00,000.
Penalty under this section is in addition to the penalty u/s 234E. This section will also cover the cases of incorrect filing of TDS return.

No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:
(1) The tax deducted/collected at source is paid to the credit of the Government.
(2) Late filing fees and interest (if any) is paid to the credit of the Government.
(3) The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.