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 Chhattisgarh High Court ruled that TCS under Section 206C(1C) applies only to lease holders, licence holders, or persons grant...
Income Tax : The Court issued notice in a plea to quash criminal proceedings where the applicant argued that alleged cash payments exceeding â‚...
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 : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding ç«„ï½¹10 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 subÂsection (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...
Section 194Q of the Income Tax Act, 1961 is applicable with effect from 1st July 2021 to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time […]
What was the need OF TDS/TCS u/s 194Q/206C(1H)? (If the purpose is to get Information to whom big sales are made then, we could have given the list PAN +Aadhar of such parties). Whosoever has brought the idea of 194Q and 206C(1H) i.e. TDS/ TCS on Goods PURCHASE/SALE, deserves Global Award for ‘World’s Most Innovative Taxation Compliance’.
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.
Section 194Q for TDS deduction on the purchase of goods has become effective from 1.7.2021, whereas TCS collection on sale of goods is already applicable from last year from 1.10.2020, but there is confusion regarding the treatment of GST amount while applying the provisions of these sections.
Every purchaser of goods, whose total sales, gross receipt or turnover from the business exceeds Rs. 10 crores in immediate preceding financial year. In such case, he is liable to deduct TDS under section 194Q @ 0.1% on the amount booked or paid (whichever is earlier) as consideration for the purchase of goods to a […]
Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case […]
Coverage :- i. Analysis of provisions of Section 194Q ii. Analysis of provisions Section 206C(1H) iii. Time and manner of deposit of tax with Interest Liability iv. Time and manner of furnishing of TDS / TCS statement v. Time and manner of furnishing of TDS / TCS certificates vi. Consequences of late deposit of taxes, […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
Is last Para of Income Tax Circular No. 13 of 2021 dated 30th June, 2021 consistent with legal provisions? Second Proviso to Section 206C(1H) reads as ‘the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased […]
Article contains Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & TCS and Comparison Of 206AB & 206CCA of Income Tax Act, 1961 – For Higher TDS/TCS Rates -In Case of Non-Filers of Returns. Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & […]
