Welcome to Taruna Infosoft FOR UPLOADING & E-TCS RETURN

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorized to collect taxes on behalf of Government of India. They should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to ITD.

TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements.

As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards; however, as advised by Income Tax Department, acceptance of e-TDS/TCS statements pertaining to Financial Years prior to 2007-08 has been discontinued at TIN. The forms used for quarterly e-TDS statements Forms are 24Q, 26Q and 27Q and for quarterly e-TCS statements is Form No. 27EQ. These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.

As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS statements in electronic form i.e. e-TDS/TCS returns. However, deductors/collectors other than corporate/government can file either in physical or in electronic form.

TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc.TDS is applicable only on payments that exceed a certain amount. TDS is deducted whenever a payment is due or made, whichever is earlier. TDS is to be deducted by the individual (or company) making the payment.

TCS is the tax which is collected by sellers while selling something to buyers.TCS deduction is applicable on sales of goods like timber, scrap, mineral wood, and so on.TCS is applicable on sales of specific goods which don’t include production or manufacturing material. TCS is collected by the seller at the time of sale.TCS is to be collected by the individual (or company) selling the specified goods.