Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : A comprehensive guide covering 175 legal compliances for July 2026 under FEMA, Income Tax, GST, SEBI, Companies Act, Labour Laws, ...
Income Tax : This guide explains the exclusive tax benefits, deductions, exemptions, concessional tax regimes, and compliance relief available ...
Income Tax : The Income-tax Act, 2025 replaces old TDS/TCS provisions with Section 395 and Form 128 while retaining the existing mechanism for ...
CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transaction...
Income Tax : Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificate...
Income Tax : Stakeholder-wise and thematic overview of Budget 2026 tax reform proposals covering farmers, MSMEs, corporates, NRIs, exporters, a...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
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 : The Chhattisgarh High Court held that TCS under Section 206C(1C) cannot be collected on compounding fees recovered from illegal mi...
Income Tax : The Chhattisgarh High Court ruled that TCS under Section 206C(1C) applies only to lease holders, licence holders, or persons grant...
Income Tax : The Supreme Court upheld that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled tha...
Income Tax : The High Court held that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled that com...
Income Tax : The Supreme Court declined to interfere with a High Court ruling that TCS under Section 206C(1C) does not apply to compounding fin...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Goods and Services Tax : The advisory explains that registrations will be automatically suspended if bank account details are not furnished within 30 days....
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
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, […]
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 […]
