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Head Automation & Dev Ops at Thomson Reuters
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Director-CR, ICFAI Business School
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A comprehensive list of frequently asked questions on TDS Returns On TCS Payments .
It is to be submitted for tax Collection at source for all the amounts received from buyers of Specified goods or services.
There will be a levy of Rs. 200.00 per day under section 234E, from the due date till the date when statement is filed.
If TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs. 1,00,000.00 for not filing TDS / TCS statement under section 271H.