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 : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...
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...
Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...
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...
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 ...
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...
1st July 2021 is going to be a big day as far as TDS and TCS under the Income Tax Law is Concerned. A new Section 194Q – The TDS on Purchases of Goods will be there and further another new section 206AB and 206CCA will also be there for Enhanced rate of TDS/TCS. One […]
1. What is Section 194Q and 206C(1H)? – Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021 and – Section 206C(1H) is for Tax Collected at source(TCS) applicable from 01.10.2020. 2. When is a person liable to deduct TDS u/s 194Q and TCS u/s 206C(1H)? -TDS is to be deducted under section […]
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
Section 194Q has been inserted in the Income Tax Act vide Finance Act 2021 with effect from 01.07.2021. As per Section tax is required to be deducted at source from purchase consideration paid / credited on or after 01.07.2021 by purchases made, in case total turnover during financial year 2020-21 has been more than Rs […]
For checking Applicability of Section 194Q and Interplay between section 194Q or Section 206C(1H) and the TDS/TCS calculation, we have build an automatic utility for ease of Professionals or small tax payers.
Understand the implications of section 206C(1H) & section 194Q of the Income Tax Act 1961. Learn about TCS on sales of goods and its applicability.
CA Mahesh Agarwal TDS (Tax deduction at source) and TCS (Tax collection at source) are one of the major sources of regular and advance collection of Taxes by the Government. In this endeavor government has made various provisions in the Income Tax Act to cover vast economic activities for deduction or collection of taxes at […]
आयकर कानून, 1961 के अध्याय XVII बी. (यानि धारा 192 से 206 बी.) के अधीन वेतन, ब्याज, ठेका और कमीशन इत्यादि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। इस अध्याय में वित्त अधिनियम, 2021 (बजट) के द्वारा बढ़ाई गई नई धारा 194 क्यू. के अनुसार 1 जुलाई, 2021 से कुछ करदाताओं को […]
Post approval of Union Budget 2021 buyer will be responsible to deduct TDS on purchase of goods @0.1% only with effect from 1st July 2021 if its turnover in Previous Financial year exceeds Rs 10 Cr, on purchase above 50 lakh and seller will be responsible to collect TCS under Section 206C(1H) only in case […]
आयकर कानून, 1961 के अध्याय XVII बी. यानि धारा 192 से 206 बी. के अधीन वेतन, ब्याज, ठेका और कमीशन आदि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। वित्त अधिनियम, 2021 (बजट) के द्वारा 1 जुलाई, 2021 से इस अध्याय में एक नई धारा 206 ए.बी. बढ़ाई गई है, जिसके अनुसार निम्न […]
