tax collection

Tax Collected at Source (TCS)

Income Tax - 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

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Why should I pay tax?

Income Tax - Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

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Interest for Failure to Collect/Deduct & Delayed Payment of TDS/TCS

Income Tax - Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

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Every Scrap sale not liable to Tax Collection at Source (TCS)

Income Tax - As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

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TCS on sale of Motor Vehicles and goods or services

Income Tax - The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...

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Analysis of provisional Gross Direct Taxes collected during FY 2020-21

Income Tax - Gross Direct Taxes collected during FY 2020-21 (before adjustment of refunds) are approximately Rs. 12.06 lakh crore (provisional). The major contributors : Corporation Tax (CIT) Rs. 6.31 lakh crore & Personal Income Tax (PIT) Including Security Transaction Tax (SIT) Rs. 5.75 lakh crore approximately. Here is the composition of the Gr...

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Details of Central Taxes collected by Union Govt for FY 2020-21

Income Tax - The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-...

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GST Revenue collection for February 2020 – ₹ 1,05,366 crore

Income Tax - The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019....

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January 2020 stands 2nd highest monthly GST collection

Income Tax - The gross GST revenue collected in the month of January, 2020 is ₹ 1,10,828 crore of which CGST is ₹ 20,944 crore, SGST is ₹ 28,224 crore, IGST is ₹ 53,013 crore (including ₹ 23,481 crore collected on imports) and Cess is ₹ 8,637 crore (including ₹ 824 crore collected on imports). The total number of GSTR 3...

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GST Revenue collection for September, 2019

Income Tax - The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is  Rs. 45,069  crore (including Rs.  22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs.  728 crore collected on imports). The total number of GSTR...

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HC denied stay on collection of Tax on failure of appellant to pay tax which was suo motto agreed to be paid by appellant

Kalaignar TV Private Limited Vs. The Principal Commissioner of Income Tax (Madras High Court) - This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per month, they are bound to comply with such an undertaking. Now arguing before this Court pleading their financial incapacity or requesting this Court to examine the merits o...

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GST Revenue collection for August, 2020

Release ID: 1650411 - (01/09/2020) - The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of ...

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Statewise Income Tax collection Target for FY 2020-21 allocated by CBDT

F.No. 380102/2020-IT(B) - (16/04/2020) - The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year...

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Revised Targets for Direct Taxes collection for FY 2019-20; Reduced by 1.65 Lakh Crore

F. No. 380/03/2019-IT (B) - (30/03/2020) - I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Cror...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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CBDT fixes collection Target- Jan-March dedicated quarter for Recovery

F. No. 385/17/2016-IT (B) - (06/01/2017) - Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for recovery of demand raised. ...

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Recent Posts in "tax collection"

Analysis of provisional Gross Direct Taxes collected during FY 2020-21

01/01/1970

Gross Direct Taxes collected during FY 2020-21 (before adjustment of refunds) are approximately Rs. 12.06 lakh crore (provisional). The major contributors : Corporation Tax (CIT) Rs. 6.31 lakh crore & Personal Income Tax (PIT) Including Security Transaction Tax (SIT) Rs. 5.75 lakh crore approximately. Here is the composition of the Gr...

Read More
Posted Under: Income Tax |

Tax Collected at Source (TCS)

01/01/1970

1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

Read More
Posted Under: Income Tax |

Details of Central Taxes collected by Union Govt for FY 2020-21

01/01/1970

The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-...

Read More
Posted Under: Income Tax |

GST Revenue collection for August, 2020

Release ID: 1650411 01/09/2020

The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of goods)....

Read More

Why should I pay tax?

01/01/1970

Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

Read More
Posted Under: Income Tax |

Interest for Failure to Collect/Deduct & Delayed Payment of TDS/TCS

01/01/1970

Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

Read More
Posted Under: Income Tax | ,

Statewise Income Tax collection Target for FY 2020-21 allocated by CBDT

F.No. 380102/2020-IT(B) 16/04/2020

The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year...

Read More

Revised Targets for Direct Taxes collection for FY 2019-20; Reduced by 1.65 Lakh Crore

F. No. 380/03/2019-IT (B) 30/03/2020

I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Crores) has been allocated as Revised Estima...

Read More

Every Scrap sale not liable to Tax Collection at Source (TCS)

01/01/1970

As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

Read More
Posted Under: Income Tax | ,

TCS on sale of Motor Vehicles and goods or services

01/01/1970

The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...

Read More
Posted Under: Income Tax |

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