TCS

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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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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15 Issues and Suggestions for Compliance of Income Tax Laws

Income Tax - 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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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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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....

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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-DIT - (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"

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 ...

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
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...

Read More
Posted Under: Income Tax |

Taxable Value for collection of Tax Collection at Source (TCS)

Taxable Value for collection of Tax Collection at Source (TCS) under Income Tax Act-1961 There are lot of confusion over calculation of taxable value for the purpose of collection of TCS under section 206C of Indian Income Tax Act-1961. Some Deductors collect TCS on value excluding of Taxes such as GST, while some collect TCS […]...

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Posted Under: Income Tax |

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 collection in the signatory account of [&hellip...

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TCS – Tax Collection at Source – A Complete Guide

Tax Collection at Source, more popularly known as TCS, provisions mandate the seller to collect tax from the buyer and deposit the same to the Government. The provision of tax collection at source is contained under section 206C of the Income Tax Act, 1961 and the same are explained briefly in the current article. Guidelines […]...

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Posted Under: Income Tax |

PPT on TDS and TCS under GST

Sharing PPT on TDS and TCS under GST, which was made for presentation at National CA Students Conference, Ernakulam, Kerela 19th – 20th July, 2019....

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Posted Under: Income Tax |

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