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TCS

Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.

Latest Articles


Monthly (February 2025) Legal Obligations + Legal updates for India

CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...

February 17, 2025 33510 Views 1 comment Print

New Income Tax Bill 2025: General FAQs and Broad Scope

Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...

February 13, 2025 6933 Views 0 comment Print

February 2025 Due Date Calendar for Tax & Compliance

CA, CS, CMA : Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Providen...

February 8, 2025 13851 Views 0 comment Print

A Complete Overview of Income Tax Information Systems: From Form 26AS to Faceless Assessment

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...

February 8, 2025 2091 Views 0 comment Print

Analysis of Changes proposed in TDS/TCS Provisions in Budget-2025

Income Tax : Explore proposed Budget 2025 changes in TDS/TCS provisions, including revised thresholds and rates. Learn how these amendments aim...

February 6, 2025 4290 Views 0 comment Print


Latest News


TDS/TCS Filing Due Dates & Updated Utilities FY 2024-25

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...

January 7, 2025 12918 Views 0 comment Print

Salaried & Minors: Income-Tax Rules for TDS/TCS Credit Claims amended

Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...

October 18, 2024 4302 Views 1 comment Print

Representation on Incorrect Income Tax Return processing & TDS credit denial

Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...

September 13, 2024 4155 Views 1 comment Print

FAQs on PFA & Defective for ITR 1 to 6 for AY 24-25

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...

August 10, 2024 3483 Views 0 comment Print

CBDT Eases TDS/TCS Rules for Death Before PAN-Aadhaar Link

Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...

August 7, 2024 1170 Views 0 comment Print


Latest Judiciary


Prosecution Quashed Due to COVID-19 Related Delay in TDS/TCS Deposit

Income Tax : The Orissa High Court quashed prosecution against Kashvi International for delayed TDS deposit, citing COVID-19 and financial hard...

January 31, 2025 321 Views 0 comment Print

Directed to deposit 25% of disputed tax for failure to reply GST notice and attended hearing

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 ...

December 19, 2024 804 Views 0 comment Print

Delayed TCS Form 27C Submissions Valid Due to No Strict Timeline

Income Tax : ITAT Ahmedabad partially upholds CIT(A)'s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, proc...

November 8, 2024 756 Views 0 comment Print

TCS allowed to entity conducting business even if liquor license is in the name of other person: ITAT Bangalore

Income Tax : ITAT Bangalore held that TCS credit is allowed to the entity conducting the business, irrespective of the fact that the liquor lic...

August 31, 2024 588 Views 0 comment Print

Jharkhand HC Orders Refund of Unjustified TCS Collection

Corporate Law : Jharkhand High Court directs refund of Tax Collected at Source (TCS) by Central Coalfields Ltd. to R.S. Coke Industries (Pvt) Ltd....

August 14, 2024 1269 Views 0 comment Print


Latest Notifications


Income Tax Notification on IFSC Units and Tax Collection (TCS) Rules

Income Tax : Government specifies IFSC units exempt from tax collection under Section 206C(1H) for eligible purchases. Details outlined for buy...

January 6, 2025 1155 Views 0 comment Print

Income Tax Notification No. 115/2024: No TCS on RBI Payments

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...

October 16, 2024 1221 Views 0 comment Print

PAN-Aadhaar Linkage failure: Higher TDS/TCS Exemption for Deceased Deductees

Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...

August 5, 2024 7941 Views 0 comment Print

CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)

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...

May 27, 2024 4011 Views 0 comment Print

CBDT exempt RBI from Higher TDS deduction under Section 206AB

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...

May 27, 2024 4200 Views 0 comment Print


Facilitating platform to comply with higher rates of TDS & TCS under 206AB & 206CCA of ITA

July 20, 2021 8415 Views 1 comment Print

Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]

TCS under Section 206C(1H) & Higher TCS Rate under Section 206CCA

July 19, 2021 68079 Views 0 comment Print

TCS under Section 206C(1H) and Imposing Higher Rate of TCS under Section 206CCA As we know there are provisions which provides for collection of tax at source for certain specified category of goods however there was no provision of tax collection at source for sale of goods in general. Now with the intent to establish […]

Direct Tax Updates for June 2021 with Video

July 19, 2021 2901 Views 0 comment Print

Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]

PPT on Section 194Q and Section 206C(1H)

July 18, 2021 10245 Views 0 comment Print

A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]

Problems Still Exist in 194Q & 206C(1H) & Suggestions to Streamline

July 16, 2021 3186 Views 1 comment Print

Recent CBDT circular on Section 206C(1H) and Section 194Q has created  more confusion. There are still anomalies. I have tried to collect all Problems related to drafting of these sections & Problems related to implementing Section 206C(1H) & Section 194Q. Also check suggestions. I have suggested 3 measures which can streamline section 194Q and section […]

Section 206C Tax Collection at Source (TCS)

July 12, 2021 1242228 Views 2 comments Print

a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) of Income Tax Act, 1961 Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timber obtained under a forest lease 2.5% 1.875% […]

Section 206AB & 206CCA Higher Rate of TDS/TCS in Case of Non-Filers of Return

July 12, 2021 27753 Views 2 comments Print

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 w.e.f 01.10.2020

July 12, 2021 6924 Views 0 comment Print

 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 […]

Comparative Analysis of Section 194Q & Section 206(1H)

July 10, 2021 2898 Views 3 comments Print

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 […]

Higher Rates of TDS & TCS for Non-Filers of ITR

July 10, 2021 13131 Views 3 comments Print

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.

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