tcs

Income Tax Benefits to Residents & Indian Companies

Goods and Services Tax - A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis...

Read More

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

Goods and Services 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 ...

Read More

Tax Deduction/Collection Account Number (TAN)

Goods and Services Tax - Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

Read More

E-File TDS Statement for quarter ending on 31.03.2018 by 31.05.2018

Goods and Services Tax - Tax Deductors are required to e-File TDS STATEMENT for  quarter ending on 31st March 2018 by 31st May, 2018 which is the last date to file such statements. For delay in filing TDS Statement Tax Deductors have to pay a a fine of Rs. 200/- for each day of default. Time Limit to File Statement for […]...

Read More

e-File Your TDS Statement by 31st January, 2018

Goods and Services Tax - Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible ...

Read More

GST: Provisions of TDS and TCS suspended till 30.09.2018

Goods and Services Tax - The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

Read More

ICAI suggestion to reduce Mismatch in TDS / TCS data

Goods and Services Tax - The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time....

Read More

Quarterly TDS/TCS due dates and new features of RPU version 2.2

Goods and Services Tax - Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is [&h...

Read More

GSTN no. to be mentioned now in TDS / TCS Statements

Goods and Services Tax - Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs....

Read More

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

Goods and Services 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...

Read More

Obligation to collect TCS cannot be extended to Octroi: HC

CIT (TDS) Vs Commissioner, Akola Municipal Corporation (Bombay High Court - Nagpur Bench) - Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi. ...

Read More

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. ...

Read More

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....

Read More

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...

Read More

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...

Read More

Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) - (13/12/2017) - CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

Recent Posts in "tcs"

GST: Provisions of TDS and TCS suspended till 30.09.2018

The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

Read More

Income Tax Benefits to Residents & Indian Companies

A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis...

Read More

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

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

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

Read More

E-File TDS Statement for quarter ending on 31.03.2018 by 31.05.2018

Tax Deductors are required to e-File TDS STATEMENT for  quarter ending on 31st March 2018 by 31st May, 2018 which is the last date to file such statements. For delay in filing TDS Statement Tax Deductors have to pay a a fine of Rs. 200/- for each day of default. Time Limit to File Statement for […]...

Read More

ICAI suggestion to reduce Mismatch in TDS / TCS data

The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time....

Read More

e-File Your TDS Statement by 31st January, 2018

Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible ...

Read More

Quarterly TDS/TCS due dates and new features of RPU version 2.2

Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is [&h...

Read More

Obligation to collect TCS cannot be extended to Octroi: HC

CIT (TDS) Vs Commissioner, Akola Municipal Corporation (Bombay High Court - Nagpur Bench)

Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi. ...

Read More

Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) (13/12/2017)

CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

Read More
Page 1 of 1912345...10...Last »

Browse All Categories

CA, CS, CMA (3,750)
Company Law (3,883)
Custom Duty (6,955)
DGFT (3,686)
Excise Duty (4,144)
Fema / RBI (3,479)
Finance (3,670)
Income Tax (27,501)
SEBI (2,899)
Service Tax (3,370)

Search Posts by Date

July 2018
M T W T F S S
« Jun    
 1
2345678
9101112131415
16171819202122
23242526272829
3031