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Section 206C

Latest Articles


Key TDS Changes Effective from 1st October, 2024

Income Tax : Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about...

September 27, 2024 41628 Views 1 comment Print

Interplay of section 194Q with section 206C(1H)

Income Tax : Understand the interplay between Section 194Q and Section 206C(1H) of the IT Act, detailing TDS and TCS obligations on high-value ...

May 24, 2024 6270 Views 0 comment Print

TDS on Purchase of Goods & TCS on Sale of Goods: Applicability & Rates

Income Tax : Understand TDS on Purchase of Goods (Section 194Q) and TCS on Sale of Goods (Section 206C(1H)). Learn their applicability, rates, ...

May 21, 2024 2757 Views 0 comment Print

TDS and TCS on Purchase/Sell of Goods

Income Tax : Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with ...

February 21, 2024 19533 Views 2 comments Print

Section 206C of the Income Tax Act, 1961

Income Tax : Explore the transformative impact of Section 206C (1H) in the Income Tax Act, 1961, regulating Tax Collected at Source (TCS) on go...

November 28, 2023 14532 Views 0 comment Print


Latest News


Budget 2024: Extended Lower TDS Deduction/ TCS Collection Scope

Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...

July 26, 2024 3072 Views 0 comment Print

Interest Rate for Late TCS Payments Increased to 1.5%

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...

July 25, 2024 1371 Views 0 comment Print

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, ...

July 8, 2021 102921 Views 1 comment Print


Latest Judiciary


Delayed TCS Form 27C Submissions Valid Due to No Strict Timeline

Income Tax : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...

November 8, 2024 84 Views 0 comment Print

TCS not applicable on liquor vendors who bought vending rights on auction: Supreme Court

Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...

July 26, 2024 321 Views 0 comment Print

ITAT Upholds Section 56(2) Addition for Property Purchase Without Consideration

Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...

July 18, 2024 576 Views 0 comment Print

Assessment void if section 143(2) jurisdictional notice was issued beyond prescribed time limit

Income Tax : Read about the case of Aark Infosoft Pvt. Ltd. vs. ACIT (ITAT Ahmedabad) where the assessment was deemed void due to a delayed Sec...

April 18, 2024 4467 Views 0 comment Print

Opening Liquor Bottles Not ‘Scrap’ under Section 206C of Income Tax Act: Madras HC

Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...

January 2, 2024 1440 Views 0 comment Print


Latest Notifications


Income Tax Notification No. 115/2024: No TCS on RBI Payments

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...

October 16, 2024 918 Views 0 comment Print

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

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, ...

March 30, 2022 3417 Views 0 comment Print

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

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...

November 25, 2021 24759 Views 0 comment Print

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

Income Tax : Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purp...

September 10, 2021 1038 Views 0 comment Print


TDS and TCS on Purchase/Sell of Goods

February 21, 2024 19533 Views 2 comments Print

Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with clear explanations and examples.

Opening Liquor Bottles Not ‘Scrap’ under Section 206C of Income Tax Act: Madras HC

January 2, 2024 1440 Views 0 comment Print

Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation of “scrap” from “mechanical working of material” for the purpose of explanation to Section 206C of the Act.

Section 206C of the Income Tax Act, 1961

November 28, 2023 14532 Views 0 comment Print

Explore the transformative impact of Section 206C (1H) in the Income Tax Act, 1961, regulating Tax Collected at Source (TCS) on goods sales. Delve into eligibility criteria, TCS rates, stakeholder definitions, and filing due dates to navigate this regulatory landscape effectively

TCS Credit Given to Person in Whose hand corresponding income is assessed to tax

October 27, 2023 1539 Views 0 comment Print

ITAT Indore held that the credit of the tax collected at source should be given to the person in whose hands the income is rightfully and finally assessed to tax in accordance with law, irrespective of the person in whose hands the TDS/TCS certificate has been issued at first place.

No TCS on transaction of purchase of coal which is to be used in generation of power

October 17, 2023 2898 Views 0 comment Print

Jharkhand High Court held that TCS is not to be collected in the transaction of purchase of coal which is used in generation of power. Accordingly, illegal sum collected as TCS is ordered to be refunded back with interest.

Levy of late fees u/s 234E for delay in filing TDS return for period prior to 01.06.2015 unwarranted

October 16, 2023 1713 Views 0 comment Print

ITAT Jodhpur held that levying late fees u/s 234E of the Income Tax Act for delay in filing TDS return for 4th quarter of F.Y. 2012-2013 unwarranted as power to levy fees has come into effect only from 01.06.2015

Invocation of section 263 unjustified as order passed after considering information

October 16, 2023 828 Views 0 comment Print

ITAT Jaipur held that the assessment order passed by AO after considering the information filed during assessment proceedings cannot be said to be erroneous and prejudicial to the interest of the revenue. Every loss of revenue as a consequence of an order of the AO cannot be treated as prejudicial to the interests of the Revenue.

TDS not deductible on rent payment made to person who is exempt from payment of tax

July 9, 2023 930 Views 0 comment Print

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’.

Imposition of late fees for delay in filing of TDS/ TCS statement prior to 01.06.2015 is bad-in-law

July 4, 2023 645 Views 0 comment Print

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.

Failure to collect TCS – ITAT quashes order passed beyond limitation period

July 1, 2023 420 Views 0 comment Print

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.

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