TCS Certificate: Issuance Process, Important Deadlines, and Duplicate Certificates in FY 2024-25

TCS Certificate: Procedures and Due Dates for FY 2024-25: A certificate of tax collect at source shall be furnished to the buyer in Form 27D within 15 days from the due date for furnishing statement of TCS for the quarter.

Duplicate TCS Certificate: In case a TCS certificate is lost, the collector may issue a duplicate TCS certiciate in form 27D and the same shall be certified as duplicate. Before allowing credit on the basis of a duplicate TCS certificate the Assessing Officer shall obtain an Indemnity Bond from the collectee and get the payment certified by the designated Assessing Officer.

👉 Due Dates to Issue TCS Certificate

Aspect Details
✅TCS Certificate Issuance Form: 27D
Deadline: Within 15 days from the due date for furnishing the TCS statement for the quarter.
✅Duplicate TCS Certificate Form: 27D
Certification: Must be certified as a duplicate.

More About TCS Certificates

Requirements, Deadlines, and Procedures — TCS Certificates Explained

Tax Collected at Source (TCS) ensures that tax collected on income where it arises. One of the things required to comply with TCS is a certificate by sellers which shows the details of tax collected. This article gives insights into different aspects related to issuing TCS certificates i.e., what needs to be done? when should it be done? and how should it be done? including accurate record keeping.

Importance of Having TCS Certificates

Keeping relevant certificates serves as evidence that all necessary taxes have been paid thereby enabling both collectors and buyer meet their legal obligations. These documents indicate that the collector has fulfilled legal requirements imposed upon him while also giving useful information through which one can claim credit for TDS made in his name.

Conditions for Issuing TCS Certificates

No certificate relating to tax collected at source shall be issued unless certain conditions are satisfied with. For instance, Form 27D functions as an official document for such like certifications; this form contains important transactional particulars such as receiver or deductee’s Permanent Account Number (PAN) and collector’s Tax Deduction Account Number (TAN), among others besides amount collected details.

Before recognizing any certificate under the scheme of Tax Collected at Source; accuracy & completeness indicated in Form 27D should be verified because failure may attract penalties for non-compliance as well as prolonging period taken by credit notes claimed against such collections.

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Time Limit for Distributing TCS Certificates

These forms should be distributed promptly since they serve some purposes within specific timeframes provided by applicable laws. In other words, after the end of each quarter, certificates should be given out not later than fifteen days from last date specified for filing quarterly statements containing TCS.

Process Followed In Issuing TCS Certificates

During this process, accuracy and adherence to laid down rules are very essential; hence there are various steps put in place. These include; collecting relevant tax collection data by collectors themselves accurately, computing amounts chargeable under different sections correctly considering applicable rates thereof, filling out necessary details in Form 27D correctly among others. Once certification is made it will be given to different buyers before expiry time as provided by law or regulation.

Duplicate TCS Certificate

Sometimes the original copy may get lost hence need for duplicates arises but a certain formality has to be followed when requesting for one i.e., filling an indemnity bond along with required certification from assessing officer authorized signatory on behalf of payee being collected so that no other person can misuse these papers issued under Tax Collected at Source scheme.

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FAQ on TCS Certificates

What is Form 27D and why is it important for giving TCS certificates?

Answer: It is a document used for giving TCS certificates. The form contains such details of transaction as the Permanent Account Number (PAN) of the receiver, Tax Deduction Account Number (TAN) of the collector, and the amount collected as tax. This helps in keeping accurate records and complying with TCS regulations.

What is the last date for issuing TCS certificates as per rules?

Answer: As per rules, TCS certificates need to be given in Form 27D to buyer within 15 days from the end of quarter for which statement has been filed.

What should I do if I lose my TCS certificate?

Answer: If you have lost your tcs certificate then collector can issue duplicate tcs certificate in Form 27 D duly certified as duplicate. However before allowing credit based on such duplicate tcs certificate , payment must be certified by Assessing Officer after obtaining an Indemnity Bond from collectee.

How to issue Duplicate TCS Certificate and what is its certification process?

Answer: Duplicate Tcs Certificate shall be issued in Form 27D certified as duplicate together with obtaining indemnity bond from collectee by Collector & payment thereof being certified by designated Assessing Officer before allowing credit based on said duplicate certificate.

What are requirements for allowing credit based on duplicate tcs certificate?

Answer: Before allowing credit based on a duplicate TCS certificate Assessing Officer must obtain an indemnity bond from collectee & certify payment so that only genuine duplicates are used.

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What is role played by assessing officer during issuance and certification process of duplicate tcs certificates?

Answer: In certifying duplicates , assessing officer verifies authenticity of duplicate certificate , obtains indemnity bond from collectee & certifies payment thereon .

Do we need Indemnity Bond while applying for Duplicate TCS Certificate?

Answer: Yes , Indemnity Bond is needed while applying for Duplicate TCS Certificate which acts as a safeguard against misuse of duplicate certificates.

What happens if TCS Certificates are not issued within specified time frame?

Answer: Non issue of TCS certificates within prescribed time attracts non compliance penalties & may delay processing time for credit notes claimed against TCS collections

Is it possible to issue TCS certificate electronically or hardcopy is mandatory?

Answer: Both options are available i.e. electronic as well as physical form can be issued but the content and certification process remains same.

Are there different processes for issuing tcs certificates based on type of transaction or goods/services involved?

Answer: There is no much difference in issuing tcs certificates irrespective of nature any transaction or goods/service. Key points include using Form 27D, ensuring accuracy in details, meeting deadlines, obtaining necessary certifications in case duplicates occur.

Categories TCS

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