Income Tax : Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025....
Income Tax : Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, eff...
Income Tax : The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing complia...
Income Tax : TCS on sales exceeding ₹50 lakh under Section 206C(1H) will be removed from April 1, 2025, reducing compliance burden for seller...
Income Tax : The Finance Bill 2025 amends Section 206C, defining "forest produce" and revising TCS rates. Timber and forest produce under lease...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Finance Bill 2024 increases interest on late TCS payments to 1.5% from April 2025, aligning with TDS rates and improving tax compl...
Income Tax : Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, ...
Income Tax : The Tribunal ruled that cash deposits arising from regulated liquor sales are a normal business incident. Where bank reconciliatio...
Income Tax : It was held that sale consideration from trust property, when donated to charitable institutions, cannot be taxed as income. The r...
Income Tax : The Tribunal examined whether an assessment ignoring a clear mismatch between turnover and TCS data could survive. It held that ab...
Income Tax : ITAT Delhi held that the assessee is eligible for entire credit of foreign taxes, even if the taxability was nil consequent to the...
Income Tax : The Tribunal held that a 143(1)(a) adjustment denying ₹5.05 crore TDS credit was invalid because no mandatory show-cause intimat...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
Income Tax : 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, ...
Income Tax : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the I...
Income Tax : Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purp...
ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credited in the hands of assessee. Accordingly, assessee cannot be deprived from the credit of TCS. Thus, appeal allowed.
Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025.
Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, effective from April 2025.
The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing compliance burden from April 2025.
TCS on sales exceeding ₹50 lakh under Section 206C(1H) will be removed from April 1, 2025, reducing compliance burden for sellers. Learn more about the changes.
The Finance Bill 2025 amends Section 206C, defining “forest produce” and revising TCS rates. Timber and forest produce under lease will be taxed at 2% from April 1, 2025.
Finance Bill 2025 proposes changes in TDS/TCS rates and thresholds, effective from April 1, 2025, to improve tax compliance and ease of doing business.
Understand provisions of TCS under Section 206C(1H) and TDS under Section 194Q, including applicability, rates, exclusions and compliance requirements for businesses.
ITAT Ahmedabad partially upholds CIT(A)’s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, procedural compliance, and tax implications.
CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Income Tax Act.
