tcs

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

Income 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 ...

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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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Income Tax Benefits to Residents & Indian Companies

Income 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...

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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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E-File TDS Statement for quarter ending on 30.09.2017 by 31.10.2017

Income Tax - e-file TDS statement for the quarter ending on 30th September, 2017 by 31st October, 2017 Delay in filing of TDS statement shall entail levy of fee of 200/- for each day of default not exceeding amount of tax deductible...

Read More

ICAI suggestion to reduce Mismatch in TDS / TCS data

Income 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

Income 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...

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

Income 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....

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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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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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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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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....

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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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Recent Posts in "tcs"

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
Posted Under: Income Tax |

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
Posted Under: Income Tax |

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
Posted Under: Income Tax |

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

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
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...

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
Posted Under: Income Tax | ,

E-File TDS Statement for quarter ending on 30.09.2017 by 31.10.2017

e-file TDS statement for the quarter ending on 30th September, 2017 by 31st October, 2017 Delay in filing of TDS statement shall entail levy of fee of 200/- for each day of default not exceeding amount of tax deductible...

Read More
Posted Under: Income Tax |

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

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
Posted Under: Income Tax |
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