Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Verify your Form 26AS before filing your ITR for FY 23-24. Ensure accurate TDS and avoid discrepancies for a smooth tax return pro...
CA, CS, CMA : Stay compliant with tax obligations in May 2024. Check the due dates for income tax, GST, PF, ESI, and more. Get organized with th...
Income Tax : Link your PAN with Aadhaar by May 31, 2024, to avoid higher TDS/TCS deductions and inactive PAN issues. Learn the consequences of ...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : CBDT Circular No. 6/2024 offers relief for Inoperative PANs. No tax liability for deductors/collectors if PAN becomes operative by...
Income Tax : CBDT Circular No. 6/2024 extends relief to taxpayers from tax demands arising from inoperative PANs. Learn about the conditions an...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : ITAT Delhi rules interest income on FDs linked to SEZ business operations is deductible under Section 80IAB. Analysis of Candor Gu...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
Income Tax : ITAT Mumbai grants relief to Tata Steel Limited, allowing deduction of interest paid on Perpetual Non-Convertible Debentures (PNC...
Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...
Income Tax : The Ministry of Finance exempts RBI from Section 206CCA of Income Tax Act, 1961 through Notification No. 46/2024 dated 27th May, 2...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
Income Tax : Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September...
Get insights into Tax Collection at Source (TCS) in India, covering what it is, who needs to collect it, rates, exemptions, and more under the Income-tax Act, 1961.
Learn about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in India, when to deduct/collect, compliance, penalties, and more. What is TAN? Find out.
Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CCA. Stay compliant and avoid penalties.
Understand the interplay between TDS under section 194Q and TCS under section 206C(1H) in the Income Tax Act. Learn the basic provisions and applicability of these sections on both the purchase and sale of goods.
If any mistake is apparent from the record, the Income-tax authority can rectify such mistake. An order of rectification is required to be passed within a period of 4 years from the end of the financial year in which the order which is sought to be rectified was passed.
Budget 2023 introduces new TDS/TCS provisions for online gaming winnings, revises rates for overseas remittances and tour packages, and adjusts cash withdrawal thresholds for co-operatives. Additionally, removes TDS exemption on interest from listed securities in demat form, effective April 1 and July 1, 2023.
ITAT Bangalore held that credit of TCS should be given to the assessee which is finally and lawfully assessed to tax in respect of the corresponding income on which TCS has been collected irrespective of person in whose name TCS certificate is issued.
In her Budget speech, the Finance Minister indicated that the goal of ‘Amrit Kaal’ is for India and its citizens to ascend to new heights of prosperity, as the country complete 100 years of independence. Budget 2023 has drawn the blueprint for India’s ‘Amrit Kaal’ and has a vision for an empowered and inclusive economy, […]
Know section 206(1G) TCS on outward remittance under LRS with budget 2023. Explore details of RBI LRS & overseas tour program package w.e.f. 10.2020.
Relief for non-filers of income-tax returns from higher TDS/TCS rate – Budget 2023 Section 206AB & 206CCA provide special provision for higher TDS/TCS rate for non-filers.
