TCS

Special Provisions for non-filers of income Tax Return (Higher Rates of TDS/TCS)

Income Tax - Section 206AB:– Special provision for deduction of TDS for non-filers of income Tax Return at Higher Rates (Sec-51 of Finance Bill:-After section 206AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021) Section 206CCA:– Special provision for collection of TCS for non-file...

Read More

7 Recent Significant changes in TDS/TCS

Income Tax - Tax Deducted at Source (TDS) is the tax deducted by the payer before paying the amount to the payee levied on incomes, dividends, asset sales, rents, interest payments by the bank etc… The statement of TDS so deducted is reflected in Form 26AS. 1. Changes in TDS provisions by Finance Act 2020 are made in respect […]...

Read More

TDS/TCS -Tax Deductor’s/Collector’s Guide

Income Tax - WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by […]...

Read More

Tax Collected at Source (TCS)

Income Tax - 1. Tax collection at source (TCS) is an additional amount collected as tax 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 sellers must collect a specified […]...

Read More

Interplay Between Section 194Q (TDS) &  Section 206C(1H) (TCS)

Income Tax - Last year, Government implemented TCS provision u/s 206C(1H)  for `Seller of Goods’ on Receipts/advance from/for  Sales of Goods, exceeding Rs. 50 Lakhs as  consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded  ten crore rupe...

Read More

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...

Read More

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 […]...

Read More

e-TDS TCS RPU Version 3.5, FVU 2.166 & FUV 7.0 wef 01.01.2020

Income Tax - A. e-TDS/TCS RPU version 3.5 for Statement(s) from FY 2007-08 onwards is released (01/01/2021). Key Features – Return Preparation Utility (RPU) version 3.5 1. Addition of Section code 1940 for Form 26Q:- 1940 – TDS on e-Commerce transactions This section will be applicable for regular and correction statements pertaining to FY 202...

Read More

ICAI requests for extension of various Income-tax due dates

Income Tax - Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes.  Full text of the Representation is as follows:- Request(s) for extension of various due dates u...

Read More

New e-TDS/TCS RPU Version 3.4 & FUV version 6.9 & version 2.165

Income Tax - Key Features of e-TDS/TCS Return Preparation Utility Ver. 3.4 for Regular & Correction Statement(s) from FY 2007-08 onwards 1. Section codes 194LBA(a) and 194LBA(b) for Form 26Q:- Existing section code 194LBA has been sub-divided into below mentioned two sections: 194LBA (a) – Certain income in the form of interest from units of...

Read More

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?...

Read More

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...

Read More

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...

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

CBDT clarifies doubts on account of new TCS provisions

Release ID: 1660392 - (30/09/2020) - Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year....

Read More

TDS under Section 194O- CBDT issues Guidelines

Circular No. 17 of 2020-Income Tax - (29/09/2020) - Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of s...

Read More

Party Wise Break Up of TCS- CBDT Amends Income Tax rules

Notification No. 54/2020-Income Tax [G.S.R. 464(E)] - (24/07/2020) - Credit for tax collected at source shall be given to the person from whose account tax is collected and paid to the Central Government account for the assessment year relevant to the previous year in which such tax collection is made...

Read More

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

Read More

Fall in collection of direct taxes is on expected lines: CBDT

NA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...

Read More

Recent Posts in "TCS"

Special Provisions for non-filers of income Tax Return (Higher Rates of TDS/TCS)

Section 206AB:– Special provision for deduction of TDS for non-filers of income Tax Return at Higher Rates (Sec-51 of Finance Bill:-After section 206AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021) Section 206CCA:– Special provision for collection of TCS for non-file...

Read More
Posted Under: Income Tax |

7 Recent Significant changes in TDS/TCS

Tax Deducted at Source (TDS) is the tax deducted by the payer before paying the amount to the payee levied on incomes, dividends, asset sales, rents, interest payments by the bank etc… The statement of TDS so deducted is reflected in Form 26AS. 1. Changes in TDS provisions by Finance Act 2020 are made in respect […]...

Read More
Posted Under: Income Tax |

Restoration of Rates of TDS/TCS wef 01.04.2021

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...

Read More
Posted Under: Income Tax |

TDS/TCS -Tax Deductor’s/Collector’s Guide

WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by […]...

Read More
Posted Under: Income Tax |

Tax Collected at Source (TCS)

1. Tax collection at source (TCS) is an additional amount collected as tax 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 sellers must collect a specified […]...

Read More
Posted Under: Income Tax |

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

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 […]...

Read More
Posted Under: Income Tax |

Interplay Between Section 194Q (TDS) &  Section 206C(1H) (TCS)

Last year, Government implemented TCS provision u/s 206C(1H)  for `Seller of Goods’ on Receipts/advance from/for  Sales of Goods, exceeding Rs. 50 Lakhs as  consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded  ten crore rupe...

Read More
Posted Under: Income Tax |

TDS vs. TCS | Interplay, check points & Consequences

Finance Bill, 2021 vide clause 48 inserted a new section 194 Q relating to deduction of tax at source on payment of certain sum for purchase of goods. This section will come into effect from 01.07.2021. TDS on Service is applicable since long back, but this is first time in the history of Income Tax Act, 1962 that TDS provisions are made ...

Read More
Posted Under: Income Tax |

Income Tax TDS/TCS Amendments vide Finance Act, 2021

Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...

Read More
Posted Under: Income Tax |

Tax Compliance Calendar for April 2021

Article compliance dye date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further include due date of […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,324)
Company Law (7,113)
Custom Duty (8,397)
DGFT (4,507)
Excise Duty (4,467)
Fema / RBI (4,616)
Finance (4,886)
Income Tax (36,556)
SEBI (3,902)
Service Tax (3,695)

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930