TCS

Widening of Tax Base & Curbing Tax Evasion in India

Income Tax - We always noticed that during every return filing season 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. Over the past couple of years, India's leaders have raised the issue of tax evasion & the need to widen ...

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How to view Tax credit statement Form 26AS on Income Tax Website

Income Tax - Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. T...

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File TDS Statement for quarter ending on 31.12.2019 by 31.01.2020

Income Tax - Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of In...

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Tax Collected at Source (TCS)

Income Tax - TAX COLLECTED AT SOURCE (TCS) 1. Tax collected at source (TCS) is an extra amount collected as tax collected 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 […]...

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Tax Deduction/Collection Account Number (TAN)

Income 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....

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New e-TDS/TCS Return Preparation Utility & FUV wef 27.12.2019

Income Tax - This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statemen...

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Download NSDL e-TDS / TCS RPU / FUV applicable from 16.10.2019

Income Tax - A. Key Features and download links of e-TDS/TCS Return Preparation Utility (RPU) version 2.9 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 ♣ Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highligh...

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How TDS/TCS & Temp ID holder can add Bank A/c info on GST Portal

Income Tax - TDS/ TCS taxpayers & Temp ID holder can now add Bank Account details through Non-Core Amendment of Registration. This will enable them to file refund application on GST Portal....

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e-TDS/TCS Return Preparation / File Validation Utility wef 12.05.2019

Income Tax - As per the Income Tax Department notification 36/2019 dated April 12 2019, the new format to furnish the Form 24Q Quarter 4 statement is applicable with effect from May 12, 2019 onwards. Please download the new version of RPU and FVU to prepare and validate the e-TDS statements. A. e-TDS/TCS Return Preparation Utility Version 2.7 [&hellip...

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New e-TDS/TCS Return Preparation Utility Ver. 2.6 wef 12th April 2019

Income Tax - New e-TDS/TCS Return Preparation Utility Ver. 2.6 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08. This version of RPU is applicable with effect from April 12, 2019....

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TCS U/s. 206C(1C) on Outsourcing of job for collection of toll tax

DCIT Vs M/s.Ahmedabad Vadodara Express Way Co. Ltd. (ITAT Ahmedabad) - DCIT Vs M/s. Ahmedabad Vadodara Express Way Co. Ltd. (ITAT Ahmedabad) It is seen that the assessees have given only permission to the collecting entities to collect the toll fees and maintain the toll plazas by employing a specified category of persons and supervise them and deposit the toll collect...

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TCS not deductible if buyer declares use of goods for Manufacture

ACIT (OSD) Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad) - ACIT Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad) Any person responsible for collecting taxes (TCS) under section 206(1) need not to do so if he obtains a declaration from the buyer that he is purchasing the goods for re-use in manufacturing process or producing article or things. It does n...

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Breaking: Kerala HC stays collection of GST on Income Tax TCS amount

PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) - PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) Petitioner, has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the va...

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Toll Plaza does not include Tahbazari & not comes within the purview of Section 206C(1C)

Apar Mukhya Adhikari Vs Income Tax Officer (ITAT Allahabad) - Apar Mukhya Adhikari Vs ITO (ITAT Allahabad) Under Section 206C(1C) of the Act every person, who grants a lease or a licence is required to collect tax at the prescribed rate from the licencee for granting lease/licence or otherwise transferring any right or interest to any other person with re...

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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. ...

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Procedure to file e-TDS/TCS statement online through e-filing portal

Notification No. 10/2019-Income Tax - (04/06/2019) - Procedure for Online Filing of TDS/ TCS Returns at E Filing Portal: CBDT (DIT Systems) Notification No. 10/2019 Income Tax dated 4th June 2019 CBDT has notified the procedure for online filing of TDS/ TCS Returns at e filing portal, including guidelines on registration, manner of the preparation/ s...

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NO GST on Income Tax TCS: CBIC clarifies

Corrigendum to Circular No. 76/50/2018-GST - (07/03/2019) - For the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax....

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Extension of due date for furnishing FORM GSTR-8 (TCS Return)

Order No. 02/2019-Central Tax [S.O. 634(E)] - (01/02/2019) - CGST (Second Removal of Difficulties) Order, 2019- Due date for the statement under section 52(4) October, November and December 2018 extended from 31st January, 2019 to 7th February, 2019 Extension of due date for furnishing of FORM GSTR-8 (TCS Return by e-commerce operators) for Oct to Dec 2018 ti...

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Collection of tax at source (TCS) under GST by Tea Board of India

Circular No. 74/48/2018-GST - (05/11/2018) - Tea Board of India, being the operator of the electronic auction system for trading of tea across the country including for collection and settlement of payments, admittedly falls under the category of electronic commerce operator liable to collect Tax at Source (TCS) in accordance with the provisio...

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Revised Form 13 & Procedure for Lower/ Nil Rate TDS/ TCS certificate

Notification No. 74/2018-Income Tax [G.S.R. 1068(E)] - (25/10/2018) - In exercise of the powers conferred by sections 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Recent Posts in "TCS"

Widening of Tax Base & Curbing Tax Evasion in India

We always noticed that during every return filing season 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. Over the past couple of years, India's leaders have raised the issue of tax evasion & the need to widen ...

Read More
Posted Under: Income Tax |

New e-TDS/TCS Return Preparation Utility & FUV wef 27.12.2019

This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statemen...

Read More
Posted Under: Income Tax |

How to view Tax credit statement Form 26AS on Income Tax Website

Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. T...

Read More
Posted Under: Income Tax |

File TDS Statement for quarter ending on 31.12.2019 by 31.01.2020

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of In...

Read More
Posted Under: Income Tax | ,

Download NSDL e-TDS / TCS RPU / FUV applicable from 16.10.2019

A. Key Features and download links of e-TDS/TCS Return Preparation Utility (RPU) version 2.9 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 ♣ Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highligh...

Read More
Posted Under: Income Tax |

Tax Collected at Source (TCS)

TAX COLLECTED AT SOURCE (TCS) 1. Tax collected at source (TCS) is an extra amount collected as tax collected 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 […]...

Read More
Posted Under: Income Tax |

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
Posted Under: Income Tax | ,

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 ...

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Posted Under: Income Tax | ,

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...

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Posted Under: Income Tax | ,

15 Issues and Suggestions for Compliance of Income Tax Laws

Tax Bar Association, Guwahat has made a representation on Compliance of Income Tax Laws Regarding CPC,  Regarding TDS/TCS, Regarding CIT (Appeals), Settlement of Past Disputes (TDS), Regarding ITR and Other Forms, Exempted income specially in context of N E Region & Agricultural Income, E-assessments, Compliance, Special tax incentiv...

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Posted Under: Income Tax |

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