Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
CA, CS, CMA : Explore 375 key legal compliances and updates across FEMA, Income Tax, and GST for March 2025. Stay informed on filing deadlines a...
Income Tax : Learn about TCS rules under Section 206C(1G) of the Income Tax Act for non-resident buyers of overseas tour packages and CBDT's ex...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Goods and Services Tax : Stay updated with key tax compliance deadlines for March 2025, covering Income Tax, GST, TDS, and more. Ensure timely filing and a...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
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 : 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...
PCIT (TDS) Vs Nirmal Kumar Kejriwal (Calcutta High Court) The first objection raised by the assessee was that the tax collected at source is applicable on raw timber which mean timber logs that is obtained from the forest produce. Apart from that they had stated that they were trading in processed wood which are imported […]
For smooth TDS / TCS compliance, it is important that a robust and reliable software is used which will not only ensure efficiency but also take care of correct tax credits to employees, vendors and other stakeholders.
With the ever-changing provisions in the TDS / TCS ecosystem of India, TDSMAN software has been serving its users for 17+ years with trust from its clients across Corporates, Professionals, SMEs, Government and PSUs.
Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite.
A. e-TDS/TCS Return Preparation Utility Ver. 4.2 for Regular & Correction Statement(s) from FY 2007-08 onwards Key Features – Return Preparation Utility (RPU) version 4.2 : This version of RPU is applicable with effect from July 12, 2022 onwards. Download e-TDS/TCS Return Preparation Utility Ver. 4.2 for Regular & Correction Statement(s) from FY 2007-08 onwards. B. […]
Enterprise companies have continuously been challenged to keep pace with the ever increasing statutory requirements. TDS & TCS is one such set of compliances mandated by the Income Tax Department. Based on a couple of recent surveys, the key challenges faced by Enterprises in order of relevance are listed below: Robust Centralized Compliance Management for […]
Understanding TDS and TCS under Income Tax: Exploring sections 194Q and 206(1H) and their impact on businesses.
Yashraj Containeurs Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) Revenue sought to include the TCS collected by the appellant from the buyer of scrap in the assessable value for charging Excise Duty. The said TCS is collected and deposited to the income tax department in terms of Section 206C of Income Tax Act, 1961. From […]
Explore Jayaprakasha Rai appeal against ITAT Bangalore order on TCS credit denial for Assessment Year 2018-19. Detailed analysis and implications discussed.
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
