Section 206C

TCS on sale or TDS on purchase conundrum

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 [&...

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Consequence for failure to deduct/collect or payment of tax

Income 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 […]...

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TCS under Income Tax– Everything you need to know

Income 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 […]...

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Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

Income 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...

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TCS Basic Concept With List of Goods Covered Under TCS

Income 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 […]...

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TCS & TDS on Buying and Selling of Bullion & Jewellery

Income 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....

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No section 271CA penalty if Assessee furnishes form 27BA with return copy

Ajit 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...

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Domestic tour operator not required to collect TCS on sale of overseas tour package to non-resident individuals visiting India

Notification 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....

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Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular 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...

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No section 206C(1H) TCS on transfer of goods by Air India to holding company

Notification 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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Recent Posts in "Section 206C"

TCS on sale or TDS on purchase conundrum

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 More
Posted Under: Income Tax |

Domestic tour operator not required to collect TCS on sale of overseas tour package to non-resident individuals visiting India

Notification 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 More

No section 271CA penalty if Assessee furnishes form 27BA with return copy

Ajit 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 […]...

Read More

Consequence for failure to deduct/collect or payment of 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 More
Posted Under: Income Tax |

TCS under Income Tax– Everything you need to know

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 More
Posted Under: Income Tax |

Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

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 More
Posted Under: Income Tax |

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular 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...

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TCS Basic Concept With List of Goods Covered Under TCS

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 […]...

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Posted Under: Income Tax |

Request to clarify provisions of TCS on sale of overseas tour package

Request for clarification & rationalization of provisions of TCS on sale of overseas tour program package u/s.206C(1G)(b) of the Income Tax Act, 1961 5th October, 2021 To 1. Smt. Nirmala Sitharaman, Hon’ble Finance Minister, Ministry of Finance, North Block, New Delhi – 110 001. 2. Shri Ajay Bhushan Pandey Hon’ble Revenue Se...

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Posted Under: Income Tax |

TDS/TCS Capital Gain Tax exemption on Transfer of capital assets/goods from Air India

Transfer of capital assets from Air India Limited to Air India Assets Holding Limited The CBDT has issued certain notifications to provide for Transaction which should be regarded as transfer with respect to transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to notify exemption from TDS and TCS [&hel...

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Posted Under: Income Tax |

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