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Tcs on sale of goods

17 March 2021

i have not deducted tcs from oct to till date on some parties as the total sales exceeds 50 lakhs after oct , now what to do and how to deposit tcs by what rate and how to claim back tcs from party which i will be paying on their behalf

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11 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 17 March 2021

Now penalty will be imposed
Late filing fees under section 234E
As per section 234E, where a person fails to file the TDS/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 TDS.
TDS/TCS return cannot be filed without payment of late filing fees as discussed above.
In other words, the late filing fees shall be deposited before filing the TDS return. It
should be noted that Rs. 200 per day is not penalty but it is a late filing fee.

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V SUBRAMANIAM (Tax consultant ) (546 Points)
Replied 17 March 2021

Is your turnover crossed 10cr 19.20?
tcs Tobe collected at the time of consideration.
50lakhs exemption available.
calculate receipts from April.

1 Like

Harmehar Kaur (84 Points)
Replied 17 March 2021

Yes turnover exceeds 10 crore

V SUBRAMANIAM (Tax consultant ) (546 Points)
Replied 17 March 2021

Raise debit note and claim
if u want take risk
file Nil return for December quarter.

Harmehar Kaur (84 Points)
Replied 17 March 2021

In case neither i have deducted nor i have deposited from oct to till date , can i now in march deduct all tcs together and deposit brfore 7 april and file return for all in 15 may

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Thiyagarajan Kandasamy (118 Points)
Replied 17 March 2021

On before that reconcile whether payment received from customer, that is consideration happened. If payment received TCS has to be payable on 07th of the coming month

Harmehar Kaur (84 Points)
Replied 17 March 2021

Can any one pls explain with example how to reconcile with this provison like we need to just see the sale exceeds 50 lakhs after 1 oct and den deduct the tcs and also can i file and deduct tcs togther in march and deposit in april , pls someone help

Thiyagarajan Kandasamy (118 Points)
Replied 17 March 2021

Take a customer ledger and match with Invoice raised vs receivable, If payment received against the invoice for the month, TCS to be payable by the coming month for the received Invoices, that is tcs charged in the invoices to be payable and due date will be 07th. I hope you understand

Harmehar Kaur (84 Points)
Replied 17 March 2021

I understnd that now how to caleculate if not paid tcs from oct can i now deposirt on 7 april for all the previous ones too and file the return on 15 may

Thiyagarajan Kandasamy (118 Points)
Replied 18 March 2021

Yes but we have to pay with interest

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Thiyagarajan Kandasamy (118 Points)
Replied 16 April 2021

Yes you will do but with interest, first reconcile the invoices charged vs consideration upto March'21, payable will be 30th April for the mar'21, but has to pay with interest