Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing complia...
Income Tax : Finance Bill 2025 removes higher TDS/TCS for non-filers, effective from April 1, 2025, easing compliance burdens, though higher ra...
Income Tax : CBDT excludes RBI from the definition of specified person under Sections 206AB & 206CCA of the Income Tax Act, 1961. Learn the imp...
Income Tax : Where unaccounted sales were established through seized material, only the net profit embedded therein was liable to tax, and not ...
Income Tax : The Tribunal held that no TDS demand can survive where tax was duly deposited and PAN became operative within the CBDT-prescribed ...
Income Tax : The Ministry of Finance exempts RBI from Section 206CCA of Income Tax Act, 1961 through Notification No. 46/2024 dated 27th May, 2...
Income Tax : The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. Th...
Income Tax : Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/col...
Income Tax : t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resid...
Income Tax : Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionalit...
The Finance Act, 2021 has enacted special provisions namely Section 206AB and Section 206CCA, for deduction and collection of tax at source applicable to deductees who were non-filers of income tax returns, effective from 1st July 2021. While Section 206AB specifies the rate of deduction of tax applicable to a person who has been defined […]
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 […]
Login in IT Reporting Portal to Check Specified Person u/s 206AB & 206CCA Specified person means a person who satisfies both of the following conditions: i. A person who has not filed ITRs for both of the Two A.Ys. relevant to the Two P.Ys. immediately prior to the P.Y. in which tax is required to be deducted/collected, for which […]
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 […]
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 & […]
Second Quarter of FY 2021-22 has started today and industry is still facing lack of understanding on new sections of 194Q, 206AB and 206CCA Finance Act 2021 has inserted 3 new sections applicable from 1st July 2021 1. Section 194Q- Tax withholding on purchase of goods 2. Section 206AB and Section 206CCA – Special provision […]
All you need to know about the new rules in TDS/TCS, effective from July 01, 2021 The FINANCE ACT 2021 has introduced two new changes in rules relating to Tax deducted at source (TDS) or Tax collected at source (TCS). A. Higher TDS/TCS rate for non-filer of income-tax returns. Until now, a higher TDS rate […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
The Article is meant to have a deep insight into the Provisions of Section 194Q vis a vis Section 206AB and Section 206CCA read with Sub Section (1H) of Section 206C of the Income Tax Act, 1961. The author has made a humble attempt to touch the relevant topics on the subject. But since the […]
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) […]
