Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Understand TDS and TCS compliance deadlines. Learn about deposit dates, return filing schedules, and issuance of certificates to a...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
Income Tax : Verify your Form 26AS before filing your ITR for FY 23-24. Ensure accurate TDS and avoid discrepancies for a smooth tax return pro...
CA, CS, CMA : Stay compliant with tax obligations in May 2024. Check the due dates for income tax, GST, PF, ESI, and more. Get organized with th...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : CBDT Circular No. 6/2024 offers relief for Inoperative PANs. No tax liability for deductors/collectors if PAN becomes operative by...
Income Tax : CBDT Circular No. 6/2024 extends relief to taxpayers from tax demands arising from inoperative PANs. Learn about the conditions an...
Income Tax : ITAT Delhi rules interest income on FDs linked to SEZ business operations is deductible under Section 80IAB. Analysis of Candor Gu...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
Income Tax : ITAT Mumbai grants relief to Tata Steel Limited, allowing deduction of interest paid on Perpetual Non-Convertible Debentures (PNC...
Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...
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...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
Income Tax : Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September...
Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last […]
TCS amended Provisions:- Secion 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS), Section 206C(1G)(b) – TCS on selling of overseas tour package Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)]. These amended provisions of TCS […]
Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]
On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income Tax Act. Further, interest under section 234B & C is also added up in the aforesaid demand.
There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of direct taxes.
Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS & TCS Rates Pre & Post 14th May 2020, […]
1. Applicable to those sellers whose total sales/revenue or gross collection exceeds 10 cr in preceding financial year. 2. Seller will collect TCS from his customers from whom collection exceeds 50 Lacs in current year. 3. TCS will be collected on amount collected over and above 50 Lacs. 4. TCS will be collected at the […]
In this article we will discuss in detail about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) along with updated TDS Rate Chart and TCS Rate rate chart amidst the outbreak of COVID-19 and lockdown: TDS Compliances And Impact of Covid-19 Thereon TDS Deductor and Deductee TDS is basically income tax deducted […]
All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is different for goods specified under different categories. Section 206C of the Income […]
Budget 2020 proposed by Finance Minister Ms. Nirmala Sitharaman can make your dream to study overseas or enjoy an exotic holiday abroad more costlier. Reason being new provisions to collect TCS (Tax Collected at Source) introduced for from Year 2020-21 and onwards. This Articles deals with the various issues emerging out of the said proposal. […]
