Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Goods and Services Tax : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
Income Tax : Explore the 2024-25 budget proposals affecting TDS/TCS rates, new sections, and compliance updates. Stay informed on key changes a...
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 ...
Goods and Services Tax : GST Advisory: TCS rate reduced to 0.5% from 1% effective 10/07/2024. Learn about the transition period and GSTR-8 filing updates....
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024....
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 : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...
Income Tax : ITAT Delhi rules interest income on FDs linked to SEZ business operations is deductible under Section 80IAB. Analysis of Candor Gu...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
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...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
Liberalised Remittance Scheme (LRS) is a measure to facilitate Resident Individuals (including minors) to remit funds outside India up to USD 250,000 or its equivalent in any freely convertible foreign currency per financial year (April-March) for any permissible capital or current account transaction or a combination of both. The scheme was introduced by Reserve Bank […]
TDS Rates effective from 01st April 2021 The concept of TDS was introduced 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 […]
Below attached file provides analysis of Section 206C(1H) of Income Tax Act,1961. Kindly go through the analysis and provide your valuable insights. In Case PAN not furnished then 1% rate applicable. This Provision shall not apply in case when Buyer is liable to deduct TDS on goods purchased by him. Here Seller shall mean : […]
Sec 194Q-TDS on Purchase on Goods worth Exceeding Rs. 50 Lakhs | Correlation with 206C(1H)-TCS on Sale of Goods Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is Required to Deduct TDS: Buyer: Turnover exceeds Rs. 10 cr in preceding FY. When: Buyer is responsible for paying a sum […]
Article compiles Rate Chart Of TCS For Financial Year 2021‑22 Or For Assessment Year 2022-23. Compilation include amendment in TCS Rates wef 01.04.2021 as proposed by Union Budget 2021. Article Explains TCS Deposit Challan Code, Goods & Services liable to TCS and Rate of TCS Applicable. TCS Rate Chart is compiled by The Institute of […]
Article explains Popular TDS/ TCS Sections and Rates as applicable for Financial Year (FY) 2021-22. From 01st April 2021 TDS/TCS Rates will be normal and Concessional rate will not be applicable. TDS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22 Section Section Name Applicable To Limit TDS Rate 194 Dividend All Companies 5000 10% 194A Interest on […]
Is charging TCS on Invoice for Sale of Goods u/s 206C(1H) correct? Or non-compliance of statue? What will be the effect of overriding section 194Q or Section 206CB? Section 206C(1H) has been made effective from October 1, 2020 which states that TCS @0.1% (0.075% for Fy 2019-20) shall be collected by a Seller having turnover […]
This article contains updated list of TCS Rates applicable for FY 2021-22 (AY 2022-23) i.e. w.e.f 01/04/2021. Article also explains various changes with respect to TCS Rates introduced in Budget/Finance Bill 2021.
Dear Friends, in the era of Digitalization, now the customers are shifting from retail market to online Platforms like Flipcart, Amazon, Snapdeal etc for there purchase requirements. As we all know in the present time, customer is king, so the businessmen are also shifting from retail market to online platforms. Many persons have shifted their […]
