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Tcs deposit due date

VISHAL GUPTA (MBA-Finance) (145 Points)

01 May 2013

I have deducted TCS from Buyer in the month of March, i want to know that what is the Due Date for TCS Deposit for March month 7th April or 30th April?

thanks in advance

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3 Replies

KAMAL BANSAL (Chartered Accountant) (44 Points)
Replied 30 July 2013

The Due Date for depositing TCS for the month of March is 7th April As per rule 37CA which is reproduced hereunder:-

"Time and mode of payment to Government account of tax collected at source under section 206C9a. 37CA.

(1) All sums collected in accordance with the provisions of sub-section (1) 10[or sub-section (1C)] of section 206C shall be paid to the credit of the Central Government within one week from the last day of the month in which the collection is made.

(2) The person responsible for making collection under sub-section (1) 10[or sub-section (1C)] of section 206C shall pay the amount of tax so collected to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank accompanied by an income-tax challan :

Provided that where the collection is made by or on behalf of the Government, the amount shall be credited within the time and in the manner aforesaid without the production of a challan.

The following rule 37CA shall be substituted for the existing rule 37CA by the Income-tax (Eighth Amendment) Rules, 2009, w.e.f. 1-4-2009.

However, vide Press release No. 402/92/2006-MC (14 of 2009), dated 30-6-2009 the enforcement of the Income-tax (Eighth Amendment) Rules, 2009 shall be kept in abeyance for the time being (See Stop Press).

Time and mode of payment to Government account of tax collected at source under Chapter XVII-BB. 37CA. (1) All sums collected in accordance with the provisions of Chapter XVII-BB shall be paid to the credit of the Central Government within one week from the end of the month in which the collection is made. (2)

The person responsible for making collection under Chapter XVII-BB shall, within the time specified in sub-rule (1),—

(a) electronically furnish an income-tax challan in Form No.17; and

(b) pay the amount so collected to the credit of the Central Government by electronically remitting it into the Reserve Bank of India, State Bank of India or any authorised bank.

(3) For the purposes of this rule, the amount shall be construed as electronically remitted to the Reserve Bank of India or of the State Bank of India or of any authorised bank, if the amount is remitted by way of— (

a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorised bank; or

(b) credit or debit card".

1 Like

Manoj Barik (Senior Executive(Accounts & Taxation)) (71 Points)
Replied 09 March 2018

For March TCS due date is 7th April

1 Like

Siddharth Goel (Chartered Accountant) (3026 Points)
Replied 21 June 2018

Hi,

As per Rule 37CA under section 206C, TCS shall be paid to the credit of the Central Government within one week from the last day of the month in which the collection is made.

Therefore, the Due Date for depositing TCS for the month of March is 7th April.