Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
CA, CS, CMA : Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Providen...
Goods and Services Tax : Explore Income Tax systems, from Form 26AS and AIS for tax data to CPC-ITR and faceless assessments ensuring transparency and effi...
Income Tax : Explore proposed Budget 2025 changes in TDS/TCS provisions, including revised thresholds and rates. Learn how these amendments aim...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...
Income Tax : The Orissa High Court quashed prosecution against Kashvi International for delayed TDS deposit, citing COVID-19 and financial hard...
Goods and Services Tax : Madras High Court held that order confirming demand due to mismatch between returns under GST set aside with condition to deposit ...
Income Tax : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...
Income Tax : ITAT Bangalore held that TCS credit is allowed to the entity conducting the business, irrespective of the fact that the liquor lic...
Corporate Law : Jharkhand High Court directs refund of Tax Collected at Source (TCS) by Central Coalfields Ltd. to R.S. Coke Industries (Pvt) Ltd....
Income Tax : Government specifies IFSC units exempt from tax collection under Section 206C(1H) for eligible purchases. Details outlined for buy...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
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...
Latest updates in File Validation Utility (FVU) versions 2.178 and 8.2 for e-TDS/TCS statements. Learn about new columns, features, and download links effective from September 2023.
Explore the adjustments made to Tax Collection at Source (TCS) rates for overseas tour packages and funds remitted Outside India. Learn about the changes in TCS rates, their implementation timeline, and the list of businesses where TCS is collected under the Income Tax Act, 1961.
Explore ITAT Raipur’s verdict on tax collection by District Mining Officer (DMO). Understand the implications of not collecting tax at source (TCS) on compounding fees from illegal miners/transporters. Analysis of Section 206C(1C) and obligations under the Income Tax Act.
Amid disruptive weather conditions, Tax Advocates Association Gujarat pleads for an extension of the Income Tax Return filing deadline from 31st July to 31st Aug 2023.
As businesses expand across multiple locations and involve various users in their operations, ensuring compliance for TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) becomes increasingly complex.
Gain insights into the new tax provision impacting overseas travel and LRS, its exemptions, clarifications, and potential impact on travelers.
Discover the recent changes in Tax Collection at Source (TCS) rates and exemptions under the Liberalised Remittance Scheme (LRS) in India. Understand the revised TCS rates, the exclusion of credit card transactions abroad from LRS coverage, and the thresholds applicable for TCS on remittances and overseas tour program packages. Stay informed to optimize your foreign exchange dealings.
ITAT Cochin held that prior to 1st June 2015, there was no provision enabling demand in respect of levy of fees u/s 234E for late filing of TDS/ TCS statement. Accordingly, imposition of late fees prior to 1st June 2015 is bad-in-law.
In Nisarahmed Abdulsattar Vs. ITO, ITAT Ahmedabad quashes the Assessment Order for failure to collect TCS on the sale of metal scrap before the limitation period. Read the full order here.
CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program package. F. No. 370142/23/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi Circular No. 10 of […]
