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TCS

Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.

Latest Articles


February 2025 Due Date Calendar for Tax & Compliance

CA, CS, CMA : Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Providen...

February 8, 2025 12966 Views 0 comment Print

A Complete Overview of Income Tax Information Systems: From Form 26AS to Faceless Assessment

Goods and Services Tax : Explore Income Tax systems, from Form 26AS and AIS for tax data to CPC-ITR and faceless assessments ensuring transparency and effi...

February 8, 2025 1077 Views 0 comment Print

Analysis of Changes proposed in TDS/TCS Provisions in Budget-2025

Income Tax : Explore proposed Budget 2025 changes in TDS/TCS provisions, including revised thresholds and rates. Learn how these amendments aim...

February 6, 2025 3387 Views 0 comment Print

Budget 2025: Excluding Court Stay in Section 206C Time Limit Calculation

Income Tax : Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025....

February 3, 2025 210 Views 0 comment Print

Exemption from Prosecution for Delayed TCS Payment under Budget 2025

Income Tax : Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, eff...

February 3, 2025 228 Views 0 comment Print


Latest News


TDS/TCS Filing Due Dates & Updated Utilities FY 2024-25

Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...

January 7, 2025 12555 Views 0 comment Print

Salaried & Minors: Income-Tax Rules for TDS/TCS Credit Claims amended

Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...

October 18, 2024 4266 Views 1 comment Print

Representation on Incorrect Income Tax Return processing & TDS credit denial

Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...

September 13, 2024 4140 Views 1 comment Print

FAQs on PFA & Defective for ITR 1 to 6 for AY 24-25

Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...

August 10, 2024 3468 Views 0 comment Print

CBDT Eases TDS/TCS Rules for Death Before PAN-Aadhaar Link

Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...

August 7, 2024 1164 Views 0 comment Print


Latest Judiciary


Prosecution Quashed Due to COVID-19 Related Delay in TDS/TCS Deposit

Income Tax : The Orissa High Court quashed prosecution against Kashvi International for delayed TDS deposit, citing COVID-19 and financial hard...

January 31, 2025 246 Views 0 comment Print

Directed to deposit 25% of disputed tax for failure to reply GST notice and attended hearing

Goods and Services Tax : Madras High Court held that order confirming demand due to mismatch between returns under GST set aside with condition to deposit ...

December 19, 2024 783 Views 0 comment Print

Delayed TCS Form 27C Submissions Valid Due to No Strict Timeline

Income Tax : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...

November 8, 2024 723 Views 0 comment Print

TCS allowed to entity conducting business even if liquor license is in the name of other person: ITAT Bangalore

Income Tax : ITAT Bangalore held that TCS credit is allowed to the entity conducting the business, irrespective of the fact that the liquor lic...

August 31, 2024 573 Views 0 comment Print

Jharkhand HC Orders Refund of Unjustified TCS Collection

Corporate Law : Jharkhand High Court directs refund of Tax Collected at Source (TCS) by Central Coalfields Ltd. to R.S. Coke Industries (Pvt) Ltd....

August 14, 2024 1266 Views 0 comment Print


Latest Notifications


Income Tax Notification on IFSC Units and Tax Collection (TCS) Rules

Income Tax : Government specifies IFSC units exempt from tax collection under Section 206C(1H) for eligible purchases. Details outlined for buy...

January 6, 2025 1110 Views 0 comment Print

Income Tax Notification No. 115/2024: No TCS on RBI Payments

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...

October 16, 2024 1215 Views 0 comment Print

PAN-Aadhaar Linkage failure: Higher TDS/TCS Exemption for Deceased Deductees

Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...

August 5, 2024 7920 Views 0 comment Print

CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)

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...

May 27, 2024 4008 Views 0 comment Print

CBDT exempt RBI from Higher TDS deduction under Section 206AB

Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...

May 27, 2024 4194 Views 0 comment Print


Latest Posts in TCS

February 2025 Due Date Calendar for Tax & Compliance

February 8, 2025 12966 Views 0 comment Print

Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Provident Fund.

A Complete Overview of Income Tax Information Systems: From Form 26AS to Faceless Assessment

February 8, 2025 1077 Views 0 comment Print

Explore Income Tax systems, from Form 26AS and AIS for tax data to CPC-ITR and faceless assessments ensuring transparency and efficiency in tax compliance.

Analysis of Changes proposed in TDS/TCS Provisions in Budget-2025

February 6, 2025 3387 Views 0 comment Print

Explore proposed Budget 2025 changes in TDS/TCS provisions, including revised thresholds and rates. Learn how these amendments aim to simplify tax compliance.

Budget 2025: Excluding Court Stay in Section 206C Time Limit Calculation

February 3, 2025 210 Views 0 comment Print

Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025.

Exemption from Prosecution for Delayed TCS Payment under Budget 2025

February 3, 2025 228 Views 0 comment Print

Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, effective from April 2025.

Budget 2025: Removal of Higher TDS/TCS for Non-Filers from April 2025

February 3, 2025 1185 Views 0 comment Print

The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing compliance burden from April 2025.

Budget 2025:TCS on Sale of Specified Goods to be Omitted from April 2025

February 3, 2025 3672 Views 0 comment Print

TCS on sales exceeding ₹50 lakh under Section 206C(1H) will be removed from April 1, 2025, reducing compliance burden for sellers. Learn more about the changes.

Budget 2025: Definition of Forest Produce Rationalized – Section 206C

February 3, 2025 144 Views 0 comment Print

The Finance Bill 2025 amends Section 206C, defining “forest produce” and revising TCS rates. Timber and forest produce under lease will be taxed at 2% from April 1, 2025.

Budget 2025: FAQs on Exemption from prosecution for delayed TCS payment

February 2, 2025 204 Views 0 comment Print

The Finance Bill 2025 amends Section 276BB, exempting prosecution for delayed TCS payment if paid before the prescribed filing deadline under Section 206C(3).

Budget 2025: Time Limits for TCS Orders Exclude Court Stay Periods -FAQs

February 2, 2025 111 Views 0 comment Print

Finance Bill 2025 amends Section 206C(7A) to exclude court stay periods from the time limit for passing tax collection default orders, effective from April 1, 2025.

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