Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
CA, CS, CMA : The Finance Act, 2025 has introduced several noteworthy changes to the Tax Deducted at Source (TDS) framework under the Income Tax...
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 : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
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 petitioner contends that the 1st respondent lacked jurisdiction to issue notice, as the 1st respondent is not the Assessing Of...
Income Tax : ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credite...
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 : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
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...
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
Stay on top of your businesss compliance requirements in June 2022. From ROC filing to GST return filing, find all the important due dates here.
A. e-TDS/TCS RPU version 4.1 for Statement(s) from FY 2007-08 onwards is released (05/05/2022). Key Features – Return Preparation Utility (RPU) version 4.1 – This version of RPU is applicable with effect from May 05, 2022 onwards. Download RPU version 4.1 B. e-TDS/TCS File validation utility (FVU) versions 2.172 for FY 2007-08 to FY 2009-10 […]
Stay compliant with tax and statutory due dates for May 2022. Learn about important deadlines for Income Tax, GST, ROC compliance, and more.
Regarding applicability of provisions of section 194Q and 206C(1H) of Income Tax Act, 1961 w.e.f 01.04.2022. 206C(1H): Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported […]
