TCS - Page 32

FVU version 3.71 – TDS/TCS Returns – Mandatory wef 26.05.2013

Key features of File Validation Utility (FVU) version 3.71 Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q  Q4. Section code 80CCG is applicable for FY 2012-13 onwards. Section 80CCF: Quoting deduction under section 80CCF has been restricted to FY 2010-11 and 2011-12....

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Posted Under: Income Tax |

TCS on sale of gold coins and articles weighing 10 gms

TCS provisions under section 206C to also be attracted on sale of gold coins and articles weighing 10 gms The Finance Act, 2012 had inserted sub-section (1D) in section 206C to provide for collection of tax at source on sale of bullion or jewellery, if the consideration exceeds Rs.2 lakh and Rs.5 lakh, respectively....

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Posted Under: Income Tax |

Molasses produced during manufacturing of sugar not scrap for the purpose of section 206C

The Nawanshahar Co-op. Sugar Mills Ltd. Vs. Income Tax Officer (ITAT Amritsar)

We have thoroughly gone through the findings of the ld. first appellate authority on the issue in dispute and we are of the view that the findings of the ld. first appellate authority are not based on any material or evidence and the Molasses would not form part of the definition as provided in Explanation (b) to section 206C of the Act. ...

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Bagasse used as a fuel usually in sugar mills, cannot be considered as ‘scrap’ for sec. 206C

Income Tax Officer Vs. M/s. Nawanshahar Co-op. Sugar Mills Ltd (ITAT Amritsar)

Bagasse is quite often and commonly used as a fuel, usually in the sugar mill themselves. The sugarcane fibrous waste is initially moist after crushing, but most mills use them as fuel after drying. Hence, even though bagasse is in the nature of scrap and waste because of its nature, since it can be used directly as a fuel, I hold that it...

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Amendment to Sec. 206-C dealing with TCS on Sale of Bullion or Jewellery in Cash – Clarification

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs. 2 lakh in value,...

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Posted Under: Income Tax |

State Government is a person for the purposes of collecting TCS

Collector Vs Income-tax Officer (TDS), Ward-2(2), Amravati (ITAT Nagpur)

Income Tax is a code in itself and for levying taxes certain terms have been defined in a particular manner and they carry special meanings. Word 'person' is one among them. So, in our humble opinion, State Government is a person for purposes of collecting tax at sources as per the provisions of Sec 206C of the Act....

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File validation Utility (FVU) version 3.6 for FY 2010-11 onwards & version 2.133 for upto FY 2009-10

File validation Utility (FVU) version 3.6 for FY 2010-11 onwards and version 2.133 for upto FY 2009-10 released (17/09/2012). Key features of File Validation Utility (FVU) version 3.6 Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of v...

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Posted Under: Income Tax |

NSDL revises format of Quarterly TDS/TCS statement

Quarterly TDS/TCS statement file format updated. Update file format available at download section (17/09/2012). Revised Formats can be downloaded from the following link :- https://www.tin-nsdl.com/etds-etcs/eTDS-steps.php...

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Posted Under: Income Tax | ,

Due Date – TDS & TCS quarterly returns

Following are the due dates for filing of Quarterly TDS and TCS Returns in Form 24Q, Form 26Q, Form 27Q and Form 27EQ. Please file your returns on time to avoind penalty for late filing of Tds returns....

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Posted Under: Income Tax | ,

Vodafone may Pay tax if interest, penalty waived

UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived...

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Posted Under: Income Tax |

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