Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
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 : Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025....
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...
1. CONCEPT OF TCS Govt. is taking step for increasing tax payers base. One such major step is levy of TCS on sale of goods u/s 206C(1H). Let us understand in simple term- If turnover of business is more than 10 Crores in F.Y. 2019-20 than it has to collect TCS @ 0.075% (Due to […]
TCS on sale of any goods- Section 206C(1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to collect […]
As per Section 206(1H), with effective from 1st October 2020 goods sellers whose total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year 2019-20 shall be liable to collect such TCS at a rate of 0.075%(0.1% from 1st April 2021) on consideration received from a […]
माल की बिक्री के सम्बन्ध में प्राप्त राशि पर टीसीएस का नये प्रावधान – धारा 206C(1H)- आयकर चर्चा 1 अक्तूबर 2020 से सरकार ने माल की बिक्री के सम्बन्ध एकत्र कर टीसीएस जमा करनाने में एक नया प्रावधान लागु किया है जो कि आयकर कानून की धारा 206C(1H) में दिया गया है और इससे कई […]
1. A sub-section (1H) to section 206C of the Income Tax Act, 1961 has been inserted vide Finance Act 2020 which is effective from 01.10.2020. Section 206C (1H) provides for the collection of Tax at Source (TCS). 2. This article covers the statutory provisions, the functionality of the TCS on goods and the salient features […]
Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a financial year; TCS to be collected on [ Total Sale Value – ₹ 50 Lakhs]; Rate of TCS is 0.075%, if PAN of buyer is available [1% if PAN not Available].
Article on TCS On Sale Of Goods Under Section 206C(1H) Of The Income Tax Act, 1961 Applicable Form 01-10-2020 explaining To Whom Section 206C(1H) is applicable, From whom TCS shall be Collected, Whether Section 206C(1H) is applicable to the exporter, When collection shall be started from a particular buyer, Time of Collection of TCS, Whether […]
Section 206C(1H) of Income Tax Act, shall come into effect from 01.10.2020. 1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or […]
Tax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. […]
Applicability of TCS u/s 206C(1H) on GST Component? There were doubts among taxpayers whether TCS u/s 206C(1H) is to be collected on net of GST amount or inclusive of GST. The matter has been clarified by Income Tax Department vide Circular No.17/2020 dated 29.09.2020 Para 4.6 of circular read as under: 4.6 Adjustment for sale return, […]
