Income Tax - Finance Act, 2020 had inserted sub-section (1H) in section 206C of the Act relating to TCS on sale of goods whereas Finance Act, 2021 inserted a new section 194Q to the Income Tax Act relating to TDS on purchase of goods. Introduction of these standards have created a burden on the taxpayers as it impacts […]...
Income Tax - Income Tax FORM 13 is gives option to taxpayers to avail benefit of lower/nil deduction of taxes on their respective income which is liable for TDS as well as lower or No TCS in regard to transaction covered under Section 206C ...
Income Tax - Firstly, vide Finance Act, 2020, sub-section (1H) was inserted into section 206C of the Income Tax Act. As per section 206C(1H), the seller of the goods receiving the consideration of value exceeding INR 50 Lakhs was required to collect TCS @ 0.1%. The provisions are effective from 1st October 2020. Later on the similar lines, […]...
Income Tax - TDS and TCS are the government’s most important sources of revenue. It’s also critical for businesses to pay their taxes on time to avoid penalties and remain compliant. With effect from 01/07/2021, Finance Act of 2021 inserted section 194Q to provide a deduction of tax on certain purchases. Section 194Q of the Income tax Act ...
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 [&...
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....
Jack N Jill Solo Complex ITO (ITAT Gauhati) - ITAT Gauhati held that deduction of tax at source not liable as payment of rent was made to assessee who are not liable to pay tax in terms of exemption u/s 10(26) of the Income Tax Act. Accordingly, assessee cannot be held to be ‘assessee in default’....
St. Alphonsa Timbers & Traders Pvt Ltd Vs ITO (ITAT Cochin) - ITAT Cochin held that prior to 1st June 2015, there was no provision enabling demand in respect of levy of fees u/s 234E for late filing of TDS/ TCS statement. Accordingly, imposition of late fees prior to 1st June 2015 is bad-in-law....
Nisarahmed Abdulsattar Vs ITO (ITAT Ahmedabad) - In Nisarahmed Abdulsattar Vs. ITO, ITAT Ahmedabad quashes the Assessment Order for failure to collect TCS on the sale of metal scrap before the limitation period. Read the full order here....
Falgun N. Sheth Vs ITO (ITAT Rajkot) - Falgun N. Sheth Vs ITO (ITAT Rajkot) The plain reading of the provision of law as provided in section 206C(1A) of the Act would bring out there is no time line prescribed for filing of such declaration. Nothing to this effect has been brought to our notice by the ld. DR; nor is it his […]...
Balaji Build Tech Vs ITO (TDS) (ITAT Cuttack) - In case of the assessee itself if we take the presumption that what the assessee has purchased from RSP is only scrap then he would be selling the same to some other steel manufacturing plant. However, the sales are retail sales. This itself shows that what has been sold by the assessee is not scrap...
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....
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...
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...
Jack N Jill Solo Complex ITO (ITAT Gauhati) -
St. Alphonsa Timbers & Traders Pvt Ltd Vs ITO (ITAT Cochin) -
Nisarahmed Abdulsattar Vs ITO (ITAT Ahmedabad) -
Falgun N. Sheth Vs ITO (ITAT Rajkot) -
Balaji Build Tech Vs ITO (TDS) (ITAT Cuttack) -
PCIT (TDS) Vs Nirmal Kumar Kejriwal (Calcutta High Court) -