Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : A comprehensive guide covering 175 legal compliances for July 2026 under FEMA, Income Tax, GST, SEBI, Companies Act, Labour Laws, ...
Income Tax : This guide explains the exclusive tax benefits, deductions, exemptions, concessional tax regimes, and compliance relief available ...
Income Tax : The Income-tax Act, 2025 replaces old TDS/TCS provisions with Section 395 and Form 128 while retaining the existing mechanism for ...
CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transaction...
Income Tax : Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificate...
Income Tax : Stakeholder-wise and thematic overview of Budget 2026 tax reform proposals covering farmers, MSMEs, corporates, NRIs, exporters, a...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
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 : The Chhattisgarh High Court held that TCS under Section 206C(1C) cannot be collected on compounding fees recovered from illegal mi...
Income Tax : The Chhattisgarh High Court ruled that TCS under Section 206C(1C) applies only to lease holders, licence holders, or persons grant...
Income Tax : The Supreme Court upheld that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled tha...
Income Tax : The High Court held that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled that com...
Income Tax : The Supreme Court declined to interfere with a High Court ruling that TCS under Section 206C(1C) does not apply to compounding fin...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Goods and Services Tax : The advisory explains that registrations will be automatically suspended if bank account details are not furnished within 30 days....
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Understand the recent buzz around the 20% Tax Collection at Source (TCS) on international credit card usage in India. Analyze the relevant provisions, background, and implications of the changes in TCS rates and the Liberalised Remittance Scheme (LRS). Learn about the government’s relief measures and the credit availability of TCS.
Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September 30, 2023.
Explore the concept of Tax Collected at Source (TCS) and its intended purpose. This article discusses the recent increase in TCS rates, its impact on individuals, and proposes keeping the rates between 0.5% to 1% for the benefit of taxpayers and the Income Tax Department.
Explore the crucial points to verify during a tax audit in India, covering areas like books of accounts, TDS, compliance, transfer pricing, and more. Ensure comprehensive tax compliance.
Myth 1: TCS applies to all foreign payments made by Indian companies. Fact: This is a myth. Tax Collected at Source (TCS) is a provision under the Indian Income Tax Act that requires the collection of tax at the source of specific transactions. However, TCS does not apply to all foreign payments made by Indian […]
Navigate the impact of TCS on international credit card payments post-FEMA amendments. Understand LRS, increased TCS rates, and get tips on managing expenses and compliance for seamless overseas transactions. Stay informed to plan your spending wisely.
Understand the GST registration process for e-commerce operators and sellers, including tax collection, TCS, input tax credit, invoicing, liability, compliance, and record-keeping. Explore TCS return filing, TDS applicability, rates, certificates, return filing, and payment for e-commerce transactions.
Govt exempt individual payments made through international debit or credit cards up to Rs 7 lakh per financial year from LRS limits & these transactions will not attract TCS.
Frequently Asked Questions #FAQs w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme.
Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CBDT’s reporting portal for verification.
