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TCS

Belinda Jasmine Prithvirajan (Finance Consultant) (23 Points)

24 November 2007

Hi All!

Is there any threshold limit on the transaction amount for TCS applicability?(like in TDS Transaction)

Also has filing thru e-TCS become mandatory for all assessees?

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7 Replies

Jasmine (94 Points)
Replied 26 November 2007

as I know there is no limit for transaction amount.

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Ramakrishna (Financial Executive) (438 Points)
Replied 26 November 2007

Dear Friend, As rightly pointed out by Jasmine, there is no threshold limit for any of the TCS provisions under Section 206C(1) or 206C(1C). Filing of e-TCS returns in FORM 27EQ is mandatory to those tax collectors who have during the relevant quarter have recovered TCS from payees. Good bye!

Jasmine (94 Points)
Replied 27 November 2007

Thanx for your reply. Do you have soft copy of Form 27EQ and other annexures for e-TCS filing and annual return form also.Plz forward to me if you have them. sales @ shrushtiinfoserve.co.in

Jasmine (94 Points)
Replied 27 November 2007

Thanx for your reply. Do you have soft copy of Form 27EQ and other annexures for e-TCS filing and annual return form also.Plz forward to me if you have them. sales @ shrushtiinfoserve.co.in

Ramakrishna (Financial Executive) (438 Points)
Replied 28 November 2007

Dear friend, You can download the same from the offcial TDS website for this purpose www.tin-nsdl.com. You have to download the two utilities provided there. RPU - Return Preparation Utility FVU - File Validation Utility Good bye!

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Hemant Jain (Article Assistant) (107 Points)
Replied 04 December 2007

Dear friend, Will u tell me what are the cases other than" sale of Scrap" for the applicability of TCS & what are the rates appplicale for deductions?

Ramakrishna (Financial Executive) (438 Points)
Replied 11 December 2007

Dear Friend,

The various items of receipts which are subjected to the TCS provisions are discussed in detail in Section 206C(1) & (1C) of the Income Tax Act, 1961. Please go thorugh the same.

Cheers!!