Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Understand TDS and TCS compliance deadlines. Learn about deposit dates, return filing schedules, and issuance of certificates to a...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
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...
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 : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
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 : 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...
Non- Applicability of the Section 206AB 1. If specified person is non-resident who does not have permanent establishment in India. 2. The section has overriding effect on all provisions of Chapter XVIIB of the Income Tax Act, 1961 except the below mentioned sections S. No. Section Particulars 1 192 TDS on Salary 2 192A TDS […]
TCS (Tax Collected at Source) On sale of Goods- New Income Tax Compliance w.e.f 01.10.2020. With a view to widen the tax-net, the Indian government has extended the scope of Tax Collected at Source (“TCS”). The Government of India has added a new sub section (1H) in the section 206C which would be called as […]
Section 194Q of the Income Tax Act, 1961 is applicable with effect from 1st July 2021 to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time […]
Section 206AB states that where, for any transaction, a TDS has to be deducted under any provision of the Income Tax Act, such TDS shall be deducted at a higher rate if the transaction is entered with a Specified Person. Similarly, for any transaction where a TCS has to be collected, such TCS shall be collected at a higher rate if the transaction is done with the Specified Person.
The Finance Act, 2021 has enacted special provisions namely Section 206AB and Section 206CCA, for deduction and collection of tax at source applicable to deductees who were non-filers of income tax returns, effective from 1st July 2021. While Section 206AB specifies the rate of deduction of tax applicable to a person who has been defined […]
What was the need OF TDS/TCS u/s 194Q/206C(1H)? (If the purpose is to get Information to whom big sales are made then, we could have given the list PAN +Aadhar of such parties). Whosoever has brought the idea of 194Q and 206C(1H) i.e. TDS/ TCS on Goods PURCHASE/SALE, deserves Global Award for ‘World’s Most Innovative Taxation Compliance’.
Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, dated 30/06/2021 issued by Central Board of Direct Taxes, Ministry of finance, with regard to chargeability of TCS Vs TDS. Vide clause 4.9.5(v), following can be concluded.
Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case […]
Coverage :- i. Analysis of provisions of Section 194Q ii. Analysis of provisions Section 206C(1H) iii. Time and manner of deposit of tax with Interest Liability iv. Time and manner of furnishing of TDS / TCS statement v. Time and manner of furnishing of TDS / TCS certificates vi. Consequences of late deposit of taxes, […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
