TCS

TCS under Income Tax– Everything you need to know

Income Tax - The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]...

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Registration Procedure on Traces

Income Tax - TRACES registration is mandatory for every deductor/taxpayer and PAO who wants to avail facilities provided by TRACES. Please click on this link for know about the facilities provided by traces https://taxguru.in/income-tax/traces-importance.html Before know about how to do registration on TRACES we need to know about that who is the Tax ...

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Draconian provisions of penalty & prosecution of TDS/TCS compliance

Income Tax - The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]...

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TCS Basic Concept With List of Goods Covered Under TCS

Income Tax - Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. 1. Goods covered under TCS Provisions with TCS rates Section Collection code […]...

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TDS and TCS under Income Tax

Income Tax - WHAT IS TDS AND TCS IN INCOME TAX? TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is deducted from the payment made at the time of making some specified payments like rent, professional fees, commission, interest, salary etc. Normally whenever any individual earns income […]...

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NSDL release new e-TDS/TCS RPU & FVU wef 01.10.2021

Income Tax - NSDL releases e-TDS/TCS Return Preparation Utility (RPU) version 3.7 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 onwards i and e-TDS/TCS File validation utility (FVU) versions 2.168 for FY 2007-08 to FY 2009-10 and 7.2 for FY 2010-11 onwards  which are appliable from with effect from October 01, 2021 onwar...

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TCS & TDS on Buying and Selling of Bullion & Jewellery

Income Tax - Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, dated 30/06/2021 issued by Central Board of Direct Taxes, Ministry of finance, with regard to chargeability of TCS Vs TDS. Vide clause 4.9.5(v), following can be concluded....

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Extend due dates for filing returns under TDS/TCS, GST & MCA

Income Tax - Chartered Accountants Association, Surat demand that the due dates for filing all returns under TDS/TCS, GST, and MCA should be extended. Even if the government is not in position to waive the interest for late payment of GST, TDS, advance-tax etc, under no circumstances the late fees should be collected till the time when pandemic [&hell...

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Restoration of Rates of TDS/TCS wef 01.04.2021

Income Tax - Applicable w.e.f 01.04.2021 for F.Y. 2021-22 CBDT in its press release dated 13th May, 2020 had reduced non-salaries rates of TDS/TCS @25% for the period from 14th May, 2020 to 31st March, 2021 to provide more liquidity of funds in economy for dealing with the economic situation arising out of COVID-19 pandemic. However, the validity [&he...

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TCS For FY 20-21 End & TCS For FY 21-22 Start- Very Important

Income Tax - Action Required For TCS On Sale Of Goods For Financial Year 2020-21 Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr 1. In case, you are liable to collect TCS under Income Tax for sales of goods, ensure to pay TCS by 7th April 2021  for Q4. The due […]...

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TCS not applicable on Scrap generated from Trading Activities

Lala Bharat Lal & Sons Vs ITO (ITAT Luknow) - The issue under consideration is whether the TCS u/s 206C at 1% will be applicable on sale of scrap not generated out of manufacturing activities?...

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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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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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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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Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax - (25/11/2021) - Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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No section 206C(1H) TCS on transfer of goods by Air India to holding company

Notification No. 108/2021-Income Tax [S.O. 3681(E)] - (10/09/2021) - Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purposes of sub-section (1H) of section 206C of the said Act in relation to transfer of goods by it to Air India Assets Holding Limited (PAN: AAQCA4703M) under a plan approve...

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Section 206AB & 206CCA Compliance Check Functionality procedure

Notification No. 01 of 2021-Income Tax- DGIT - (22/06/2021) - Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/collectors to verify if a person is a Specified Person as per section 206AB & 206CCA....

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Compliance Check functionality for Sections 206AB & 206CCA

Circular No. 11/2021-Income Tax - (21/06/2021) - t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resident who does not have a permanent establishment in India. Tax deductors & collectors are expected to carry out necessary due diligence in respect of a specified person es...

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Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax - (20/05/2021) - The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-...

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Recent Posts in "TCS"

TCS under Income Tax– Everything you need to know

The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]...

Read More
Posted Under: Income Tax |

Registration Procedure on Traces

TRACES registration is mandatory for every deductor/taxpayer and PAO who wants to avail facilities provided by TRACES. Please click on this link for know about the facilities provided by traces https://taxguru.in/income-tax/traces-importance.html Before know about how to do registration on TRACES we need to know about that who is the Tax ...

Read More
Posted Under: Income Tax |

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax 25/11/2021

Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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Draconian provisions of penalty & prosecution of TDS/TCS compliance

The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]...

Read More
Posted Under: Income Tax | ,

TCS Basic Concept With List of Goods Covered Under TCS

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. 1. Goods covered under TCS Provisions with TCS rates Section Collection code […]...

Read More
Posted Under: Income Tax |

TDS and TCS under Income Tax

WHAT IS TDS AND TCS IN INCOME TAX? TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is deducted from the payment made at the time of making some specified payments like rent, professional fees, commission, interest, salary etc. Normally whenever any individual earns income […]...

Read More
Posted Under: Income Tax |

Request to clarify provisions of TCS on sale of overseas tour package

Request for clarification & rationalization of provisions of TCS on sale of overseas tour program package u/s.206C(1G)(b) of the Income Tax Act, 1961 5th October, 2021 To 1. Smt. Nirmala Sitharaman, Hon’ble Finance Minister, Ministry of Finance, North Block, New Delhi – 110 001. 2. Shri Ajay Bhushan Pandey Hon’ble Revenue Se...

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Posted Under: Income Tax |

NSDL release new e-TDS/TCS RPU & FVU wef 01.10.2021

NSDL releases e-TDS/TCS Return Preparation Utility (RPU) version 3.7 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 onwards i and e-TDS/TCS File validation utility (FVU) versions 2.168 for FY 2007-08 to FY 2009-10 and 7.2 for FY 2010-11 onwards  which are appliable from with effect from October 01, 2021 onwar...

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Posted Under: Income Tax | ,

Applicability of Section 206AB & 206CCA Provision w.e.f. 01st July 2021

Finance Act, 2021 comes into force with Presidential assent on 28.03.2021 Two new sections have been introduced with effect from 01-Jul-2021 for non-filer of Income Tax Return. As per these sections (206AB & 206CCA), the rate of TDS/TCS shall be at the double of the normal rate or double the rate in force or at […]...

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Posted Under: Income Tax |

TDS/TCS Capital Gain Tax exemption on Transfer of capital assets/goods from Air India

Transfer of capital assets from Air India Limited to Air India Assets Holding Limited The CBDT has issued certain notifications to provide for Transaction which should be regarded as transfer with respect to transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to notify exemption from TDS and TCS [&hel...

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Posted Under: Income Tax |

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