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 ...
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 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...
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
Clarifications on TDS under Section 194Q of Income Tax Act, 1961 As per Section 194Q of Income Tax Act, 1961, buyer a) purchasing any goods in value exceeding Rs. 50,00,000/– in a financial year & b) having his turnover from business or profession in excess of Rs. 10 crores, in immediately preceding financial year, c) […]
TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]
FAQ ON TDS & TCS ON PURCHASE/SALE OF GOODS & HIGHER TDS/TCS RATES IN CASE OF NON-FILERS OF ITR (Section 194Q, 206C, 206AB & 206CCA of the Income Tax Act, 1961) This FAQ covers provisions relating to (A) TDS on purchase of goods (194Q) and a comparison with TCS on sale of goods (206C(1H)) and (B) […]
Section – 194Q Deduction of Tax at Source on Payment of Certain Sum for Purchase of Goods Applicable Date: Provisions of Section 194Q are applicable from 01-07-2021. Who is liable and when to deduct tax under Section 194Q? The tax shall be deducted from the purchases made by a buyer if the following conditions are […]
TDS and TCS on Goods – Analysis The Finance Act, 2020 had introduced Section 206C (1H) for levy of Tax collected at source (TCS) on sale of goods by a seller from a buyer & thereafter the Finance Act, 2021 has introduced Section 194Q to provide for deduction of tax (TDS) by a buyer from […]
Important matters connected with TCS provision under section 206C(1H) Of Income Tax Act, 1961 1. The provision that has been brought at this time is only in relation to ‘sale of goods’ and services have been kept away from this provision. 2. This provision will be applicable to seller if the turnover is more than […]
Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) are the prime mode of collection of Income Tax by the Government. It is imperative that Government takes all such action to widen the net of TDS & TCS and we have seen a hike in this in last couple of years. Now, one […]
माल की खरीद पर टीडीएस धारा 194Q और धारा 206(C)(1H) से जुडा एक बड़ा सवाल सुधीर हालाखंडी दिनाक 1 जुलाई 2021 से आयकर कानून में टीडीएस को लेकर एक नई धारा को194 Q लागू हो रही है जिसके अनुसार खरीददारों को अपने विक्रेताओं से प्राप्त माल की खरीद पर टीडीएस काटना है . इस धारा […]
The recent amendments together with some earlier amendments have brought about confusion as regards its implications. A brief note in a summary form is prepared for a clear understanding of such provisions.
