TCS

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....

Read More

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 ...

Read More

GST: How to file details in TDS & TCS Credit Received table with FAQS

Income Tax - Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...

Read More

GST on TCS collected under Income Tax Act

Income Tax - There is always ambiguity regarding whether GST will be charge on TCS amount collected under Income Tax Act 1961 or not. Regarding this CBIC clarified it by issuing Circular no. 76/50/2018-GST dated 31st Dec 2018. Where it has been clarified that GST will be charge on Taxable Value, which shall include TCS. As CBIC has […]...

Read More

GST Update – Taxable Value not to include TCS – CBIC Circular

Income Tax - The Central Board of Indirect Taxes and Customs (CBIC) had vide Circular No. 76/50/2018-GST dated 31st December, 2018, clarified that the taxable value for the purposes of GST shall include the Tax Collected at Source (TCS) amount collected under the provisions of the Income Tax Act. However, considering the representations received from ...

Read More

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....

Read More

Changes in Registration of E-Commerce Operators as TCS under GST

Income Tax - It has been observed that some of the e-Commerce operators have no physical presence in all the States/UTs whereas, the registration application and process requires address of Principal Place of Business in every state/UT....

Read More

GST: Provisions of TDS and TCS suspended till 30.09.2018

Income 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

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...

Read More

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...

Read More

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...

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

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....

Read More

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...

Read More

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...

Read More

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...

Read More

TCS by e-commerce operators on inter-Union Territory taxable supplies

Notification No. 13/2018-Union Territory Tax [G.S.R. 941(E)] - (28/09/2018) - Every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of one per cent. of the net value of inter-Union Territory (without legislature) taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be col...

Read More

Recent Posts in "TCS"

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 ...

Read More
Posted Under: Income Tax | ,

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

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....

Read More
Posted Under: Income Tax |

GST: How to file details in TDS & TCS Credit Received table with FAQS

Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...

Read More
Posted Under: Income Tax |

GST on TCS collected under Income Tax Act

There is always ambiguity regarding whether GST will be charge on TCS amount collected under Income Tax Act 1961 or not. Regarding this CBIC clarified it by issuing Circular no. 76/50/2018-GST dated 31st Dec 2018. Where it has been clarified that GST will be charge on Taxable Value, which shall include TCS. As CBIC has […]...

Read More
Posted Under: Income Tax |

GST Update – Taxable Value not to include TCS – CBIC Circular

The Central Board of Indirect Taxes and Customs (CBIC) had vide Circular No. 76/50/2018-GST dated 31st December, 2018, clarified that the taxable value for the purposes of GST shall include the Tax Collected at Source (TCS) amount collected under the provisions of the Income Tax Act. However, considering the representations received from ...

Read More
Posted Under: Income Tax |

TCS under Income Tax Not includible in Taxable Value for GST

CBDT has clarified that Tax collection at source (TCS) is not a tax on goods but an interim levy on the possible income arising from the sale of goods by the buyer and to be adjusted against the final income- tax liability of the buyer....

Read More
Posted Under: Income Tax |

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....

Read More

TCS Under GST Demystified

Goods and Service Tax (GST) after coming into force with effect from 01/07/2017 is still `Work in Progress’  and registered and non-registered persons have to be aware about the progress taking place in GST from time to time. Tax Collected at Source (TCS)  under GST is one such area which  still remains unclear to a […]...

Read More
Posted Under: Income Tax |

TCS on GST: An Unnecessary controversy created by CBIC

CBIC has issued Circular No. 76/50/2018-GST dated 31-12-2018 in which in point no. 5 it has clarified that GST will be applicable on TCS ( under Income Tax) amount collected by Seller under Income Tax Act....

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,086)
Company Law (4,559)
Custom Duty (7,245)
DGFT (3,891)
Excise Duty (4,187)
Fema / RBI (3,654)
Finance (3,857)
Income Tax (29,448)
SEBI (3,087)
Service Tax (3,442)

Search Posts by Date

April 2019
M T W T F S S
« Mar    
1234567
891011121314
15161718192021
22232425262728
2930