Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
CA, CS, CMA : Explore 375 key legal compliances and updates across FEMA, Income Tax, and GST for March 2025. Stay informed on filing deadlines a...
Income Tax : Learn about TCS rules under Section 206C(1G) of the Income Tax Act for non-resident buyers of overseas tour packages and CBDT's ex...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Goods and Services Tax : Stay updated with key tax compliance deadlines for March 2025, covering Income Tax, GST, TDS, and more. Ensure timely filing and a...
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 : 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 : ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credite...
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...
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. 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, […]
Certificate for lower or nil deduction of tax is issued by the Assessing officer to the non-resident for a specified period mentioned in the certificate for which it is valid unless it is cancelled by the assessing officer.
In today’s date, the most popular and most discussed topic is TCS on Sale of Goods since it is applicable with effect from 01 October, 2020. Though the topic is the most discussed one, there are so many confusions in the mind of readers regarding this new section and its practical implementation. Hence today I […]
TCS to be Collected on Collection for the sale of goods from 01/10/2020. If Your turnover > 10 crore in FY 19-20 Here is my write up on TCS to be collected on Amount Received from SALE OF GOODS levied from 01-10-2020. It covers – How TCS on Goods will be collected? What rate in […]
Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year.
