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 : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
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...
Q 1. Why this post? Ans: Economic package announcements have been made by the Finance Minister of India by addressing a press conference on May, 13th 2020 in relation to Direct taxation amongst others. Thus this post is to analyse those aspects and specially with respect to TDS provisions. Q 2. What are the key […]
Ministry of Finance Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) Posted On: 13 MAY 2020 In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for […]
Revised TDS/TCS Rate Applicable As Per Covid Economic Relief Package Applicable For All Kinds Of Payments W.E.F. 14th May 2020. Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced today Reduction in Rates of Tax Deduction at Source (TDS) and ‘Tax Collected at Source (TCS). The TDS rates for payment to residents […]
CPC(TDS) provides us with the new feature of downloading Form 27D, the Tax Collection Certificate for Deductees forming part of TCS Statements, filed in the form of 27EQ. Please refer to the following relevant details for the above functionality Form 27D is Tax Collection Certificate in respect of deductees, reported in Form 27EQ Statements. Please […]
TCS [TAX COLLECTION AT SOURCE] {Section 52 of CGST Act, 2017} Objective behind introduction of TCS: – refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the Electronic Commerce Operator (ECO). Section […]
In Budget 2020, Government has made various amendment either changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22 TDS Rates Chart (Specific to Changes in Budget) Changes in Existing Rate Sr.No Nature of Payment Section Limit TDS Rate for Ind. and HUF Other than Ind. and HUF If […]
TCS- The New Move! (detailed analysis with the Budget 2020 and The Finance Act 2020 insertions/amendments) India is a land of diversity with population count of over 135 crores. To run such a colossal nation, government requires a lot of resources. Such resources are collected in form of tax payments that a person makes to […]
E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. The history of e-commerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This […]
In Union Budget 2020, it is proposed to widen the scope of TCS (Tax Collection at Source). The Foreign Tour Operator will be liable to collect tax (TCS). This Section will be applicable from 1st April 2020. 1. Who Is Foreign Tour Operator And What Is Overseas Tour Package? Foreign Tour Operator is a person […]
Parellel Provisions of TDS Under Income Tax And TCS Under GST On E-Commerce Operators And Its Implications To curb the tax evasion and widen the tax base the government is regularly introducing various compliances and statutory requirements on businesses and the most important tool to curb the tax evasion is TDS and TCS. These tools […]
