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...
Section 206AB, Section 206CCA and Section 139AA of Income Tax Act and compliance thereof In the already Compliance burdened Assessee, Government of India has introduced new section 206AB/206CCA and implemented Section 139 AA under Income-tax Act, 1961, (‘the Act’) w.e.f July 1, 2021. Under this section, TDS/TCS will be deducted/collected at higher rate to the […]
It has always been the Government’s endeavour to widen the tax base and ensure that more and more people file their tax returns in time. A number of steps have been used in the past to achieve this goal. The Finance Act 2021, introduced a new provision Sec 206AB, through which the Government has tried […]
Understand the implications of section 206C(1H) & section 194Q of the Income Tax Act 1961. Learn about TCS on sales of goods and its applicability.
Higher TDS / TCS Rates for Non-Fillers – Section 206AB / 206CCA read with 206AA Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large […]
CA Mahesh Agarwal TDS (Tax deduction at source) and TCS (Tax collection at source) are one of the major sources of regular and advance collection of Taxes by the Government. In this endeavor government has made various provisions in the Income Tax Act to cover vast economic activities for deduction or collection of taxes at […]
आयकर कानून, 1961 के अध्याय XVII बी. (यानि धारा 192 से 206 बी.) के अधीन वेतन, ब्याज, ठेका और कमीशन इत्यादि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। इस अध्याय में वित्त अधिनियम, 2021 (बजट) के द्वारा बढ़ाई गई नई धारा 194 क्यू. के अनुसार 1 जुलाई, 2021 से कुछ करदाताओं को […]
Post approval of Union Budget 2021 buyer will be responsible to deduct TDS on purchase of goods @0.1% only with effect from 1st July 2021 if its turnover in Previous Financial year exceeds Rs 10 Cr, on purchase above 50 lakh and seller will be responsible to collect TCS under Section 206C(1H) only in case […]
आयकर कानून, 1961 के अध्याय XVII बी. यानि धारा 192 से 206 बी. के अधीन वेतन, ब्याज, ठेका और कमीशन आदि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। वित्त अधिनियम, 2021 (बजट) के द्वारा 1 जुलाई, 2021 से इस अध्याय में एक नई धारा 206 ए.बी. बढ़ाई गई है, जिसके अनुसार निम्न […]
A new section 194Q is proposed to be introduced effective from 1st July 2021 towards TDS on purchase of Goods. Background: As per the estimation, it is said that only 5% of the Indian population files Income Tax returns and out of which only 1% pays tax. Government has been trying relentlessly to plug the […]
भारत सरकार उन सारे लोगो को पकड़ना चाहती हैं जिनकी कमाई तो हैं पर जो ना टैक्स भरते हैं ना ही अपना इनकम टैक्स रिटर्न दाखिल करते हैं l सरकार टैक्स च्रोरो को पकड़ने के लिए नए नए उपाय सोचती रहती हैं, धारा 206AB भी उसमे से एक हैं l धारा 206AB के तहत ये बताया गया […]
