Income Tax - Regarding applicability of provisions of section 194Q and 206C(1H) of Income Tax Act, 1961 w.e.f 01.04.2022. 206C(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 [&...
Read MoreIncome Tax - Consequence for failure to deduct/collect or payment of tax – Computation of interest Section 201 of the of the Act deals with the consequences of persons who fail to deduct tax or after deducting, fail to deposit the same to the credit of the Central Government. Sub-section (1A) of the said section provides that if […]...
Read MoreIncome Tax - The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]...
Read MoreIncome Tax - Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevan...
Read MoreIncome Tax - Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. 1. Goods covered under TCS Provisions with TCS rates Section Collection code […]...
Read MoreIncome Tax - Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, dated 30/06/2021 issued by Central Board of Direct Taxes, Ministry of finance, with regard to chargeability of TCS Vs TDS. Vide clause 4.9.5(v), following can be concluded....
Read MoreAjit Lalwani Vs ACIT (TDS) (ITAT Indore) - Ajit Lalwani Vs ACIT (TDS) (ITAT Indore) In the instant of two appeals assessee has challenged the levy of penalty u/s 271CA of the Act for the violation of provisions of section 206C of the Act. We find that the assessee has furnished copy of form 27BA along with copy of Income Tax return of [&hell...
Read MoreNotification No. 20/2022-Income Tax [S.O. 1494(E)] - (30/03/2022) - Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, a domestic tour operator is not required to collect tax on sale of overseas tour package to non-resident individuals visiting India....
Read MoreCircular No. 20/2021-Income Tax - (25/11/2021) - Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961...
Read MoreNotification No. 108/2021-Income Tax [S.O. 3681(E)] - (10/09/2021) - Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purposes of sub-section (1H) of section 206C of the said Act in relation to transfer of goods by it to Air India Assets Holding Limited (PAN: AAQCA4703M) under a plan approve...
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Notification No. 20/2022-Income Tax [S.O. 1494(E)] - 30/03/2022
Ajit Lalwani Vs ACIT (TDS) (ITAT Indore) -
Circular No. 20/2021-Income Tax - 25/11/2021