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 applicability and analysis of Section 206AB and 206CCA of the Income Tax Act,1961. Learn about the higher tax rate for non-filers and the effective date of these sections.
Explanations and FAQ’s on Sec 206AB and Sec 206CCA Section 206AB: Special provision for deduction of tax at source for non-filers of income-tax return and Section 206CCA: Special provision for collection of tax at source for non-filers of income-tax return 1. Who is a Specified person? Specified persons means a person i. who has not […]
1. What is Section 194Q and 206C(1H)? – Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021 and – Section 206C(1H) is for Tax Collected at source(TCS) applicable from 01.10.2020. 2. When is a person liable to deduct TDS u/s 194Q and TCS u/s 206C(1H)? -TDS is to be deducted under section […]
Income Tax Department has facilitated a new functionality ‘Compliance Check for Section 206AB & 206CCA’ to facilitate tax deductors/collectors to verify if a person is a ‘Specified Person’ as per section 206AB & 206CCA. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in).
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
Section 206AB(1) [and Section 206CCA(1)] contains the word ‘Where’, so it is quite obvious that one has to decide as to someone (probable deductee or collectee) is specified person or not as on the relevant date of deduction or collection at source.
Understand the new tax provisions u/s 206AB and 206CCA of the Income Tax Act 1961. Learn how these sections affect non-filers and ensure compliance.
1 जुलाई 2021 टीडीएस / टीसीएस की बढ़ी हुई दरें रिटर्न फाइल नहीं करने वालों के लिए टीडीएस/ टीसीएस की दर :- 206AB एवं 206CCA 1 जुलाई 2021 से जिन व्यक्तियों का टीडीएस काटा जाना है अथवा टीसीएस एकत्र किया जाना है उनकी एक नई श्रेणी बताई गई है जिनके लिए टीडीएस/ टीसीएस सामान्य दर […]
The Finance Act 2021 introduced new Sections 206AB and 206CCA levying TDS/TCS at double rate w.e.f. 1st of July 2021 Background, Relevance, Applicability & Rate: The central government proposed Section 206AB (TDS) & Section 206CCA (TCS) consist of a special provision for the deduction of TDS at a higher rate for the non-filers of income […]
Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/collectors to verify if a person is a Specified Person as per section 206AB & 206CCA.
