Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The New Income Tax Act, 2025 replaces multiple TDS and TCS provisions with consolidated Sections 392, 393 and 394 effective from F...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Goods and Services Tax : The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance r...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
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...
The proposed amendments rationalise tax provisions, simplify reporting rules, and introduce clearer deductions and exemptions. The reforms aim to improve voluntary compliance and reduce tax disputes.
Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transactions, and refund claims in Form 139 to streamline TDS/TCS reporting.
Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificates, with strict eligibility and compliance safeguards.
FAQs on TCS under Income Tax Act, 2025 as amended by Finance Bill, 2026, covering rates, exemptions, PAN, returns, due dates, interest and penalties.
Since restaurant services are notified under Section 9(5), GST is paid by the e-commerce operator and not the supplier. Therefore, composition dealers are not restricted from supplying through such platforms.
Budget 2026 introduces the new Income Tax Act, 2025 effective 1 April 2026. The existing law will continue for FY 2025-26, with major structural and compliance reforms ahead.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
The Budget proposes PAN-based compliance, digital certificates, and lower LRS TCS rates. At the same time, stricter monitoring rules widen the compliance net.
TAN requirement removed and PAN-based challan introduced for resident buyers purchasing property from non-residents, easing compliance procedures.
The Supreme Court dismissed the Revenue’s plea and affirmed that TCS under Section 206C(1C) applies only to lease or licence holders paying royalty, not to offenders paying compounding fines.
