Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
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 : 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...
TCS calculator under section 206C(1H) of Income Tax Act, 1961 – TCS on Receipt on sale of Goods for the period 1st October 2020 to 31st March 2021 Please find herewith Excel Utility developed by our office for calculation of TCS U/s 206C(1H) of the Income Tax Act which may be useful to you. In […]
What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. Due to […]
New provisions of TCS on remittance abroad under LRS and on purchase of overseas tour programme package and on sale of goods w.e.f. 1.10.2020 As per newly inserted provisions by the Finance Act, 2020 TCS is to be collected u/s 206C(1G) on sale of foreign exchange by foreign exchange dealer an also by a seller […]
Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. In India there are more than 300 million operating vehicles. In this modern era everyone wants to be travel fast overcoming the hindrance of traffic and motor vehicles allows you to travel fast comfortably. India has 22 cars per 1000 individuals and […]
Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]
A. FAQs on Filing of Form GSTR-8- Statement of TCS (Tax Collected at Source) Q.1 What is Form GSTR-8? Ans: Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E Commerce Operators. Form GSTR-8 contains the details of taxable supplies and the amount of consideration collected by such operator […]
From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the Income Tax Act. 1. What is Tax Collected at Source (TCS)? Tax Collected at Source (TCS) is the tax payable by […]
TCS Under Section 206C(1H) Background: Section 206C of the Income-tax Act, 1961 (‘the Act’) provides for the collection of tax at source (‘TCS’) on stipulated kinds of goods. TCS is a procedure where payee collects an amount as TCS from the buyer in addition to amount of receipt of sale consideration and pays to the […]
Tax shall be collected by seller of an overseas tour programme package @ 5% if buyer has furnished his PAN, otherwise tax shall be collected @ 10% in accordance with section 206CC.
1. INTRODUCTION The population of India is 125 crores and only 1.46 crores people pay tax in India i.e. around 1.15% people pay tax. Looking to lower number of people paying taxes Govt. is making way to widen tax base by collecting tax from source itself. It means seller shall collect certain percentage of tax […]
