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...
Provision of section 206C(1H) is applicable only on the Sale of goods of the value exceeding fifty lakh rupees and Supply of Services has been kept out of the purview of this sub-section. Therefore, the provision is not applicable on the consideration received in relation to Supply of Services.
BACKGROUND OF TAX COLLECTION PROVISIONS TCS was first introduced by Central Government through Finance Act 1988 (vide Chapter XVII-BB) just to curb those sectors/ persons who are unidentified and mainly from unorganized sectors. Section 206C (1) – EVERY PERSON being seller AT TIME OF DEBITING OF BUYER “OR” AT TIME OF RECEIPT OF SUCH AMOUNT […]
The Finance Bill, 2020 has proposed a new sub-section (1H) under Section 206C requiring every seller whose total turnover in the business carried on exceed Rs.10 crore in the preceding financial year to collect tax at source at the rate of 0.1% of the sale consideration exceeding Rs.50 lakhs in respect of sale of any […]
Implementation of Tax Collected at Source (TCS) on Sales consideration of Goods & Accounting Entries to be passed in the books of collector A new section 206(1H) has been introduced by government for collecting TCS on sale of goods with effect from 01 October 2020. Since the provision is new, hence entities must make certain […]
Friends before going to the discussions, we have to refer the definition of TCS as per Sec.206C(1H) under Income Tax,1961. The Government of India newly introduced Tax Collection at Source (TCS) on sale of goods vide Sec. 206(1H) w.e.f.01.01.2020. Tax Collection at Source is the tax payable by a seller which he raised bills to […]
What is annual e-TDS/TCS Return? -Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.
For the purpose of determination of value of supply under GST, TCS under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Chandani Nawalkha There are close to 32 items of income/payments on which tax is deductible at source (TDS) and 11 items on which tax has to be Tax collected at source (TCS). However this position has now been changed after introduction of new sub section (1H) in Section 206C of the Income Tax Act vide […]
In this article, an attempt is made as to how to comply with provisions related to TCS of section 206C1G(a) of Income Tax Act 1961 in respect of remittance under LRS.
The CBDT has announced certain key changes in the income-tax provisions for certain payments and expenses, which shall be applicable from Oct 1st, 2020, for facilitating ease for the assesses and taxpayers for the Act. Many of the taxpayers, investors, depositors, and consumers will get affected by the new provisions such as changes in key timelines to file revised (ITRs) and new […]
