We were filing details of 27C in quarterly TCS returns showing zero collection of tax and also mentioning reasons for the same, not on a monthly basis in form 27C. My question is:
1. Is this the right procedure or need to file form 27C monthly?
2. Is there any penalty for the late filing of Form 27C?
3. Can we now file Form 27C for the previous year/
Thanks
Filing Frequency: Form 27C (now Form No. 127) must be filed monthly, by the 7th of the following month, not quarterly.
Penalties: Late or non-compliance can lead to penalties under the Income Tax Act and potential liability for short-collected TCS.
Previous Year Filing: You should check the e-filing portal immediately to see if the system allows for the upload of past declarations; if not, you may need to consult a tax advisor regarding the impact on your TCS returns.
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