Income Tax

Updated Practical FAQs on TCS on Sale of Goods wef 01.10.2020

Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a f...

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TCS on Sale of Goods | Section 206C(1H) | Income Tax Act

Article on TCS On Sale Of Goods  Under Section 206C(1H) Of The Income Tax Act, 1961 Applicable Form 01-10-2020 explaining To Whom Section 206C(1H) is applicable,  From whom TCS shall be Collected, Whether Section 206C(1H) is applicable to the exporter, When collection shall be started from a particular buyer, Time of Collection of TCS, ...

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Understanding of TCS on Sale of Goods

Section 206C(1H) of Income Tax Act, shall come into effect from 01.10.2020. 1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or […]...

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Section 194O- TDS on e-commerce participants

As we all know that from 1.10.2020 section  194-O is going to apply for payment made by E-Commerce operator to E-Commerce participant is required to deducted TDS as per Provision of section 194-O. Section states that where sale of goods or provision of services of an E-Commerce participant is facilitated by E-Commerce operator through it...

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Tax Collected at Source (TCS) on Sale of Goods with 15 FAQs

Tax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. [&h...

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Roll-back provisions of TCS under section 206C(1H)

Request for roll-back of provisions of Tax Collection at Source (TCS)  under section 206C (1H) of the Income Tax Act, 1961 which is effective from 01.10.2020. As a result of the said amendment, a seller who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in an...

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Summary of Performance Audit on Income tax Search & Seizure Assessments

Report No.14 of 2020 – Performance Audit on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct Taxes Search and Seizure is a very powerful tool available to Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereb...

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Highlights of Compliance Audit of provisions of Income Tax Act, 1961

Report No.11 of 2020 – Compliance Audit of Union Government, Department of Revenue – Direct Taxes This Report primarily discuss compliance to the provisions of the Income Tax Act, 1961 and the associated rules, procedures, etc. as applied to all aspects related to the administration of direct taxes. Direct taxes receipts of Union ...

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Govt to study award in Vodafone matter

Finance Ministry has said today that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed. The Government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government ...

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Income Tax Department conducts search in Jharkhand & West Bengal

 The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, real estate and tea estates. The group i...

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CSR expense of Company Prior to 01.04.2015 cannot be disallowed

ACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019 - Amendment in section 37(1) of the Act has been introduced w.e.f. 1st April, 2015 and does not apply on the facts of the case and the disabling provision as stated in Explanation 2 to section 37(1) refers only to such corporate social responsibility expenditure as u/s. 135 of the Companies Act, 2013...

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ITAT Grant 12AA Registration to Trust w.e.f. 13.8.1973

Shri Jain Shwetamber Murtipujak Sukrat Fund Kapda Committee Vs. CIT (Exemption) (ITAT Indore) - Jain Shwetamber Murtipujak Sukrat Fund Kaoda Committee Vs. CIT (ITAT Indore) On perusal of the record we find that the assessee trust was incorporated in the year 1945 and even in the Permanent Account Number (PAN) allotted by the Income Tax Department the date of incorporation of the trust is 16.4....

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Differential Sales Tax paid for non-deposit of forms is allowable as deduction

Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) - Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) Since there was delay in depositing the aforesaid amount of sales tax, therefore, the assessee was made to deposit interest amounting to Rs. 2,71,826/- on such delayed payment of sales tax amount and Rs. 3,152/-on delayed payment of Excise/Cust...

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Section 54 deduction allowed on Advance paid for Purchase of Property Prior to Sale of Old Capital Asset

Moturi Lakshmi Vs. ITO (Madras High Court) - The issue under consideration is whether the advance to the seller of flat prior to the date of sale of old capital asset will be eligible for claiming deduction u/s 54 under capital gains?...

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AMP expenditure is not an international transaction

ACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai) - ACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai) Tribunal in assessee’s own case for the A.Yrs.2008-09 and 2009-10  vide order dated 08/07/2016 already held that AMP expenditure is not an international transaction and hence, no ALP adjustment could be made thereon. Respectfully following the a...

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CBDT clarifies doubts on account of new TCS provisions

Release ID: 1660392 - (30/09/2020) - Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year....

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Time for compulsory selection of returns for Scrutiny extended

F.No.225/126/2020/ITA-II - (30/09/2020) - CBDT extended the date for selection of cases for Compulsory Scrutiny on the basis of prescribed parameters, as communicated vide Board's letter dated 17.09.2020, from 30th September,2020 to 31st October,2020....

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CBDT extends due date for filing ITRs for AY 2019-20 to 30.11.2020

F. No. 225/150/2020-ITA-II - (30/09/2020) - On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020. Order u/s 119(2a) issued. F. No. 225/150...

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TDS under Section 194O- CBDT issues Guidelines

Circular No. 17 of 2020-Income Tax - (29/09/2020) - Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of s...

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CBDT order on Upload of GST Return Information in Form 26AS

F.No.225/155/2020/ITA.II - (29/09/2020) - Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him....

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Recent Posts in "Income Tax"

Updated Practical FAQs on TCS on Sale of Goods wef 01.10.2020

Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a f...

Read More
Posted Under: Income Tax |

TCS on Sale of Goods | Section 206C(1H) | Income Tax Act

Article on TCS On Sale Of Goods  Under Section 206C(1H) Of The Income Tax Act, 1961 Applicable Form 01-10-2020 explaining To Whom Section 206C(1H) is applicable,  From whom TCS shall be Collected, Whether Section 206C(1H) is applicable to the exporter, When collection shall be started from a particular buyer, Time of Collection of TCS, ...

Read More
Posted Under: Income Tax |

Understanding of TCS on Sale of Goods

Section 206C(1H) of Income Tax Act, shall come into effect from 01.10.2020. 1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or […]...

Read More
Posted Under: Income Tax |

Section 194O- TDS on e-commerce participants

As we all know that from 1.10.2020 section  194-O is going to apply for payment made by E-Commerce operator to E-Commerce participant is required to deducted TDS as per Provision of section 194-O. Section states that where sale of goods or provision of services of an E-Commerce participant is facilitated by E-Commerce operator through it...

Read More
Posted Under: Income Tax |

Tax Collected at Source (TCS) on Sale of Goods with 15 FAQs

Tax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. [&h...

Read More
Posted Under: Income Tax |

Applicability of Section 206C(1H) TCS on GST portion

Applicability of TCS u/s 206C(1H) on GST Component? There were doubts among taxpayers whether TCS u/s 206C(1H) is to be collected on net of GST amount or inclusive of GST. The matter has been clarified by Income Tax Department vide Circular No.17/2020 dated 29.09.2020 Para 4.6 of circular read as under: 4.6 Adjustment for sale return, [&...

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Posted Under: Income Tax |

CSR expense of Company Prior to 01.04.2015 cannot be disallowed

ACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019

Amendment in section 37(1) of the Act has been introduced w.e.f. 1st April, 2015 and does not apply on the facts of the case and the disabling provision as stated in Explanation 2 to section 37(1) refers only to such corporate social responsibility expenditure as u/s. 135 of the Companies Act, 2013...

Read More

Application for lower deduction of tax by the non-residents

Certificate for lower or nil deduction of tax is issued by the Assessing officer to the non-resident for a specified period mentioned in the certificate for which it is valid unless it is cancelled by the assessing officer....

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Posted Under: Income Tax |

TCS on Sale of Goods – Detailed Analysis

In today’s date, the most popular and most discussed topic is TCS on Sale of Goods since it is applicable with effect from 01 October, 2020. Though the topic is the most discussed one, there are so many confusions in the mind of readers regarding this new section and its practical implementation. Hence today I […]...

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Posted Under: Income Tax |

ITAT Grant 12AA Registration to Trust w.e.f. 13.8.1973

Shri Jain Shwetamber Murtipujak Sukrat Fund Kapda Committee Vs. CIT (Exemption) (ITAT Indore)

Jain Shwetamber Murtipujak Sukrat Fund Kaoda Committee Vs. CIT (ITAT Indore) On perusal of the record we find that the assessee trust was incorporated in the year 1945 and even in the Permanent Account Number (PAN) allotted by the Income Tax Department the date of incorporation of the trust is 16.4.1945. The assessee has claimed […...

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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961. Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates. Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place. Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars. At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost. Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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