Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
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 : Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025....
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...
Scheme for taxation of virtual digital assets Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. Further, a market is emerging where payment for the transfer of a virtual digital asset can be made through another such asset. Accordingly, a new scheme […]
On 1st November, 2021 Income Tax Department has rolled out the new AIS (Annual Information Statement) on Compliance Portal which provides comprehensive view of financial transaction done by taxpayer (i.e. PAN based transactions) in a Financial Year at one place. This includes information relating to Interest, Dividend, Business receipts, Cash deposits/withdrawals, Sale/ Purchase of Securities […]
The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]
TRACES registration is mandatory for every deductor/taxpayer and PAO who wants to avail facilities provided by TRACES. Please click on this link for know about the facilities provided by traces https://taxguru.in/income-tax/traces-importance.html Before know about how to do registration on TRACES we need to know about that who is the Tax Deductor, Taxpayer and PAO. 1. […]
Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961
The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. 1. Goods covered under TCS Provisions with TCS rates Section Collection code […]
WHAT IS TDS AND TCS IN INCOME TAX? TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is deducted from the payment made at the time of making some specified payments like rent, professional fees, commission, interest, salary etc. Normally whenever any individual earns income […]
Request for clarification and rationalization of provisions of TCS on sale of overseas tour package: a letter to the Finance Minister and Revenue Secretary.
NSDL releases e-TDS/TCS Return Preparation Utility (RPU) version 3.7 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 onwards i and e-TDS/TCS File validation utility (FVU) versions 2.168 for FY 2007-08 to FY 2009-10 and 7.2 for FY 2010-11 onwards which are appliable from with effect from October 01, 2021 onwards. A. e-TDS/TCS Return […]
