Deposit of Tax Collected at Source (TCS)
Due Dates for Depositing TCS
- Government Collectors
o Without Challan: TCS must be deposited on the same day it is collected. A statement in Form 24G must be submitted to the income tax department.
o With Challan (ITNS 281): Deposit by the 7th of the next month in which tax is collected.
- Other Collectors
TCS collected during a month must be deposited by the 7th of the following month.
How to Deposit TCS
- Electronic Payment:Corporate and tax-audited assessees must pay TCS electronically using internet banking or debit cards. Payment is made through Challan No. ITNS 281.
- Manual Payment:Other collectors can deposit TCS at authorized branches of the Reserve Bank of India, State Bank of India, or other approved banks.
- Third-Party Payment:TCS payment can be made from a third party’s account, provided the PAN of the concerned assessee is mentioned on the challan.