Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
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 : 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...
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 […]
Actions to be taken by the deductor on receipt of the certificate: Please validate the PAN of the deductee submitting the certificate. The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement filed. Check that the certificate is valid for the relevant Financial Year.
A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.
Detailed Analysis on Extension of Due dates & other relaxation given by Government of India for various Statutory compliance under Income Tax Act,1961 through “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020“, which came in pubic domain on 31st March 20 and other notifications issued from time to time. I have tried […]
Like Income Tax, GST also Introduce the concept of Tax Collected at Source (TCS). TCS on GST is applicable from 1st October, 2018. There are large numbers of sellers on E-Commerce portals, many of them are unaware about the TCS deduction by E-commerce operator and how to get credit of TCS deducted. What is TCS […]
A seller of goods is liable to collect TCS @ 0.1% on consideration received from a buyer in a previous year in excess of Rs. 50 lakhs. However, in non-PAN/ Aadhaar cases the rate shall be 1%.
Clarification issued by CBDT in relation to short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019 By way of this writing, I would like to discuss the recent clarification issued by CBDT dated 13th April, 2020 in relation to the deduction/collection of TDS/TCS under various provisions of the […]
Section 206C(1H) – TCS on sales of goods – Introduced by Finance Act 2020 Background (Erstwhile provisions) Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to […]
