TCS Compliance
Tax Collected at Source (TCS) is collected by sellers at the point of sale for specified categories — scrap, minerals, forest produce, alcoholic liquor, motor vehicles above ₹10 lakh, and foreign remittances under LRS above ₹7 lakh. Under Section 206C(1H), sellers with turnover above ₹10 crore must collect TCS at 0.1% on receipts above ₹50 lakh from any buyer in a year. BSP Associate handles TCS applicability analysis, monthly collection tracking, quarterly 27EQ return filing, and Form 27D certificate issuance to buyers.
What's Included
Everything you get when you engage BSP Associate for TCS Compliance.
- TCS applicability analysis — goods category and threshold check
- Section 206C(1H) compliance for high-turnover sellers
- TCS on foreign remittances under LRS (Section 206C(1G))
- Monthly TCS collection tracking and challan deposit
- Quarterly Form 27EQ return filing
- Form 27D certificate issuance to buyers
- TCS reconciliation with Form 26AS and buyer records
Documents Required
Have these ready before you reach out — it speeds things up considerably.
Documents You'll Need
Please arrange these before your consultation
- TAN of the seller / collector
- PAN of all buyers from whom TCS has been collected
- Sales register with buyer-wise receipt amounts
- Details of goods category attracting TCS
- Foreign remittance details (for LRS TCS — Section 206C(1G))
- Previous quarter's 27EQ return acknowledgment (for continuing clients)
Don't have these? We'll prepare them for you.
BSP Associate can draft and file all of the following
- TCS collection workings for each buyer and goods category
- Challan for TCS deposit
- Quarterly Form 27EQ TCS return
- Form 27D certificate for buyers
Frequently Asked Questions
Common questions about TCS Compliance.
TDS (Tax Deducted at Source) is deducted by the payer before making a payment. TCS (Tax Collected at Source) is collected by the seller at the time of sale from the buyer. Both are advance tax mechanisms but operate at opposite ends of a transaction. TCS applies to specific goods and transactions listed under Section 206C of the Income Tax Act.
BS Balaji
Founder & Principal Consultant
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