TCS - Page 4

Incorrect reporting of Certificates U/s. 197 and action to be taken

Many times we file application for obtaining lower deduction or nil deduction certificate u/s 197. But while obtaining this certificate we might miss out on some important factors due to which incorrect reporting under section 197 will occur and hence assessee will be consider as assessee in default. Incorrect reporting of 197 Certificate...

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Posted Under: Income Tax |

How to do Online correction of PAN in TDS Return

Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either 'Not Available' or 'Invalid'. The 'Invalid' PANs appear structurally valid, however, they are actually incorrect, as they are not available in th...

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Posted Under: Income Tax | ,

Download of conso files without correcting unmatched challans in TDS statements?

Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself. ...

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Posted Under: Income Tax | ,

Extension of Quarterly TDS/TCS statement filing dates

Circular No. NSDL/TIN/2020/006 (20/04/2020)

All the due dates, prescibed or notified under the Income Tax Act which fall during the period from March 20, 2020 to June 29, 2020 have been extended to June 30, 2020....

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How to fill Digital signature supported KYC

As we all know that, whenever we visit TRACES website for any of TDS return related work at that time, we always face this issue that every time for any single process eg justification report or conso file, etc we always need to feel KYC and gone through that lengthy process. Hence now department has […]...

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Posted Under: Income Tax | ,

Amendments in TDS/TCS Provisions applicable from AY 2021-22 (FY 2020-21)

The Hon’ble Finance Minister (FM) has presented Union Finance Budget on February 01, 2020 which was then passed by parliament on March 27, 2020 as Finance Act, 2020. Vide the Budget FM has made various changes in the TDS and TCS provisions....

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Posted Under: Income Tax |

Analysis of New TCS Section 206C(1H) effective from 01.10.2020

New TCS Section 206C(1H) is made effective from 01.10.2020 vide Finance Act, 2020 and it mandates that -A Seller of Goods is liable to collect TCS on Sale of Any Goods from Buyer -TCS to be collected if the Value/Aggregate Value of Goods is more than 50 Lakhs -TCS to be collected on [ Total […]...

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Posted Under: Income Tax |

Short deduction of TDS/TCS due to increase in rates of surcharge

Circular No. 8/2020-Income Tax (13/04/2020)

Several cases have come to the notice of the Central Government wherein deductors/ collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS in cases where final transaction was done before laying of the Finance (No.2) Bill, 2019 in the Parliament, i.e. 5th July, 2019....

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Changes in TCS Compliance for Authorized Dealers & Tour Operators

Changes In Compliance For Authorized Dealers And Tour Operators As Passed In The Finance Act, 2020. Introduction: The Finance Bill, 2020 which has been passed in the Lok Sabha has come up with a plethora of amendments in the Income Tax act, 1961. Additional compliance have been put on tour operators as well as authorized […]...

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Posted Under: Income Tax |

TCS on Sale of Goods under Income Tax Laws wef 01.10.2020

Every seller, whose total sales, gross receipts  or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount  as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time...

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Posted Under: Income Tax |

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June 2020