TCS Return for FY 2024-25: Due Dates, Late Fees, and Penalties

TCS return – Person liable to furnish TCS statement:  Every person responsible for collection of tax at source shall be required to furnish quarterly statement/return in respect thereof.

Form for filing TCS statement/TCS Return:  Quarterly TCS statementsshall be furnished in Form No. 27EQ (Rule 31AA)

👉 TCS Return Due Dates 

Quarter Ending Due Date of Submission of Quarterly TCS Returns
June 30 July 15
September 30 October 15
December 31 January 15
March 31 May 15

👉 Consequences for Late Filing of TCS Return

✅ Late Fee 

Aspect Details
Fee for Late Filing Rs. 200 per day
Accrual Period Daily until the TCS return is filed
Maximum Late Fee Cannot exceed the amount of TCS payable
Payment Requirement Late filing fee must be paid before submitting the TCS return
Nature of Rs. 200 per day Charge Classified as a late filing fee, not a penalty
Purpose Ensures compliance with tax regulations without being excessively punitive

✅Penalties

Aspect Details
Penalty for Incorrect Filing Applicable under Section 271H
Minimum Penalty Amount Rs. 10,000
Maximum Penalty Amount Rs. 1,00,000
Condition Penalty applies if the tax collector files an incorrect TCS return. It will only applicable after 1 year of delay.

Q1: Who should submit TCS return?

A: All persons collecting tax at source are required to submit TCS statements on a quarterly basis.

Q2: In what form should TCS return be filed?

A: Quarterly TCS statements need to be furnished in Form No. 27EQ as per Rule 31AA.

TCS Certificate

Q3: What are the due dates for filing quarterly TCS returns?

A: For the quarter ending June 30th: July 15th

For the quarter ending September 30th : October 15th

For the quarter ending December 31st : January 15th

For the quarter ending March 31st : May 15th

Q4: What happens if I file my TCS returns late?

A: Late fees for filing of TCS returns are as follows:

Late Filing Fee Amount : Rs. 200 per day

Late Fee Period : Daily until return is filed

Maximum Late Fee : Not more than tax collected at source(TCS)

Mandatory Payment Requirement : Before submitting the TCS return, you must pay late fee charges of Rs.200 every day till it is filed.

Rs.200/day fee nature – There is no penalty but only late filing fees which needs to be imposed so that people comply with tax laws without being too harsh on them.

Q5: Is there any penalty for wrong filing of TCS returns?

A: Yes, under Section 271H following penalties can be levied for incorrect filing of tcs return;

Minimum Penalty Amount – Rs.Ten thousand

Maximum Penalty Amount – Rs.One lakh

Condition – If an assessee has failed to furnish eTDS statement within one year from due date

Categories TCS

Leave a Comment