tcs

Widening of Tax Base & Curbing Tax Evasion in India

Income Tax - Its return filing season again and the newspapers are flooded with advertisements by income tax department reminding, requesting & warning you to file your returns, pay your taxes and refrain from any tax evasion....

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Understanding TCS Mechanism under GST

Income Tax - Various E-commerce Operators display on their Website/Portal, various products and services that are actually supplied by some other suppliers. Consumers purchase the products from such portals and the Supplier supplies the product to the Consumers....

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TCS and furnishing of Statement of Financial Transaction [SFT]

Income Tax - Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!...

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TCS on Jewellery sale removed or kept with threshold of Rs. 2 lakhs?

Income Tax - An issue arises as to whether the proposed amendment intends to take out sale of jewellery completely from TCS levy or intends to retain the TCS levy on jewellery but with lower threshold of Rs. 2 lakhs....

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Union Budget 2017-18: Is TCS On Jewellery Withdrawn or its scope is Enhanced-Controversy Created due to proposed amendment in Section 206C

Income Tax - Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and...

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Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

Income Tax - With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...

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Income Tax Section codes for 26A/27BA

Income Tax - SECTION CODES OF NON DEDUCTION For Non-Deduction File-F.Y 2016-17 Onwards Section under which tax was deductible Form Type 192 24Q & 26Q 193 24Q & 26Q 194 24Q & 26Q 194BB 24Q & 26Q 194EE 24Q & 26Q 194LA 24Q & 26Q 194A 24Q & 26Q 194B 24Q & 26Q 194C 24Q & 26Q 194D […]...

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TCS under Model GST Law – A challenge for e-commerce marketplaces

Income Tax - The Tax Collection at Source (TCS – Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government. ...

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New TDS/TCS RPU and FVU versions WEF 26.11.2016

Income Tax - New versions of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) will be made available at TIN website applicable from November 26, 2016 at the following URL ...

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New TDS/TCS RPU 1.6, FVU 5.1 & FUV 2.147 wef 28.06.2016

Income Tax - Due date for filing Quarterly TDS/TCS statement for Q1 (April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 234E of Income Tax Act. In order to locate the nearest TIN Facilitation […]...

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SC admits SLP on levy of Late TDS / TCS return Filing Fees U/s. 234E

Rashmikant Kundalia and another Vs Union of India(Supreme Court of India) - Against Bombay High Court order in case of Rashmikant Kundalia and another Vs UOI in Section 234E matter Supreme Court admits the SLP filed with it. ...

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TDS credit must be given to deductee even if deductor fails to pay to government

Executors of the Estate of S.Shanmuga Mudaliar Vs The Assistant Commissioner of Income Tax (Madras High Court) - It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant....

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Molasses produced during manufacturing of sugar not scrap for the purpose of section 206C

The Nawanshahar Co-op. Sugar Mills Ltd. Vs. Income Tax Officer (ITAT Amritsar) - We have thoroughly gone through the findings of the ld. first appellate authority on the issue in dispute and we are of the view that the findings of the ld. first appellate authority are not based on any material or evidence and the Molasses would not form part of the definition as provided in Expl...

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Bagasse used as a fuel usually in sugar mills, cannot be considered as ‘scrap’ for sec. 206C

Income Tax Officer Vs. M/s. Nawanshahar Co-op. Sugar Mills Ltd (ITAT Amritsar) - Bagasse is quite often and commonly used as a fuel, usually in the sugar mill themselves. The sugarcane fibrous waste is initially moist after crushing, but most mills use them as fuel after drying. Hence, even though bagasse is in the nature of scrap and waste because of its nature, since it can be...

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State Government is a person for the purposes of collecting TCS

Collector Vs Income-tax Officer (TDS), Ward-2(2), Amravati (ITAT Nagpur) - Income Tax is a code in itself and for levying taxes certain terms have been defined in a particular manner and they carry special meanings. Word 'person' is one among them. So, in our humble opinion, State Government is a person for purposes of collecting tax at sources as per the provisions of Sec...

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CBDT notifies classes of buyers to whom TCS provisions not apply

Notification No. 75/2016-Income Tax - (19/08/2016) - Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. 37CB. (1) The provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or class...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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Revised Procedure for online submission of TDS/TCS statement

Notification No. 11/2016-Income Tax (DIT Systems) - (22/06/2016) - Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively...

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7 things to know about TCS on sale of a motor vehicle

Circular No. 22/2016-Income Tax - (08/06/2016) - With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from th...

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How to file TDS/TCS statement on incometaxindiaefiling.gov.in

CBDT (DIT-Systems) Notification 6/2016 - (04/05/2016) - a Registration: The deductor /collector should hold valid TAN and is required to be registered in the e-filing website (https://incometaxindiaefiling.gov.in/) as Tax Deductor & Collector to file the e-TDS/e-TCS Return. b Preparation: The Return Preparation Utility (RPU) to prepare the TDS/TCS St...

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Recent Posts in "tcs"

Widening of Tax Base & Curbing Tax Evasion in India

Its return filing season again and the newspapers are flooded with advertisements by income tax department reminding, requesting & warning you to file your returns, pay your taxes and refrain from any tax evasion....

Read More

Understanding TCS Mechanism under GST

Various E-commerce Operators display on their Website/Portal, various products and services that are actually supplied by some other suppliers. Consumers purchase the products from such portals and the Supplier supplies the product to the Consumers....

Read More

Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...

Read More

Income Tax Section codes for 26A/27BA

SECTION CODES OF NON DEDUCTION For Non-Deduction File-F.Y 2016-17 Onwards Section under which tax was deductible Form Type 192 24Q & 26Q 193 24Q & 26Q 194 24Q & 26Q 194BB 24Q & 26Q 194EE 24Q & 26Q 194LA 24Q & 26Q 194A 24Q & 26Q 194B 24Q & 26Q 194C 24Q & 26Q 194D […]...

Read More

TCS and furnishing of Statement of Financial Transaction [SFT]

Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!...

Read More

TCS on Jewellery sale removed or kept with threshold of Rs. 2 lakhs?

An issue arises as to whether the proposed amendment intends to take out sale of jewellery completely from TCS levy or intends to retain the TCS levy on jewellery but with lower threshold of Rs. 2 lakhs....

Read More

Union Budget 2017-18: Is TCS On Jewellery Withdrawn or its scope is Enhanced-Controversy Created due to proposed amendment in Section 206C

Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and...

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TCS relaxation on jewellery: Proposed amendment to Section 206C

Prior to the amendment proposed by Finance Act 2017, the section provided for collection of tax at source at the rate of one per cent on sale in cash of bullion exceeding 2 1akh rupees and jewellery exceeding 5 lakh rupees....

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TCS under Model GST Law – A challenge for e-commerce marketplaces

The Tax Collection at Source (TCS – Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government. ...

Read More

Exemption from TCS on Sale of Motor car for certain class of buyers

Budget 2017-In order to reduce compliance burden in certain cases, it is proposed to amend section 206C, to exempt the following class of buyers such as the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State...

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