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...
Understand the penalty for late filing/non-filing of TDS or TCS return as per section 271H of the Income Tax Act. Learn about the applicable due dates and penalty amounts.
TCS has to be collected in the following scenario w .e.f. 01 .04.2020. 1. If the sales, turnover or gross receipts of the person selling goods is more than Rs. 10 crores during the financial year 2019 2020. 2. The seller sells goods of value Rs. 50 lakhs or more either in single transaction of in aggregate during the financial year 2020 2021. 3.Th e-seller is not liable to collect tax on sale of goods under any other sub section (1), (1F) or (1G) of the value of goods sold by him. Mentioned in the annexure 1 herewith) 4. Th e-buyer is not liable to deduct any TDS for the given sale transaction.
Tax Collected at Sources (TCS) on Tour Operator √ Do you know that Budget 2020 casted additional burden on Tour operator to collect additional Tax from the person who buys “Overseas tour program” package from Tour Operator from 01st April,2020. √ Whether all person will be required to collect TCS or only specified person? > […]
Section 206C of the income tax Act has been proposed to be amended by Finance Bill 2020. Section 206C deals with TCS (Tax Collected at Source). Budget 2020 has proposed to insert Sub-Section 1G and 1H to Section 206C to expand the Scope of TCS to TCS on foreign remittance through Liberalised Remittance Scheme (LRS) […]
Seller’s/Business Challenges/Action points in New TCS Compliance in line with GST Provisions Budget 2020 has proposed to widen the scope of TCS net with following 3 additional categories i.e., 1. Foreign remittance through Liberalized Remittance Scheme (LRS) of RBI 2. Sale of overseas Tour Package 3. Sale of goods of any nature Whereas first two […]
Budget 2020 proposal on Tax collected at source (TCS) The tax collected at source (TCS) is the tax payable by a seller which he collects from the purchaser/buyer at the time of sale. Presently, TCS is required to be collected in respect of the business of trading in alcohol, liquor, forest produce, scrap etc. Budget […]
in budget 2020, for widening the scope of section 206C following transactions has also been brought under the ambit of TCS provisions: On foreign remittance through LRS of RBI (Liberalised Remittance Scheme), On selling of overseas tour package, TCS on sale of goods over a limit where TDS has been not been deducted by buyer under any other provision of the Income Tax Act
Understand the penalty for failure to collect tax at source (TCS) as per section 271CA of the Income Tax Act. Learn how to avoid this penalty and the amount payable.
It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees.
WIDENING AND DEEPENING OF TAX BASE BY In order to widen the TCS, the Finance Minister in Para 3.3 made the following in her speech. 3.3 Widening the scope of TCS: It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven […]
