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...
In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement.
TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much aware of the overall implications of non compliances of the TDS/ TCS provisions and ends up in paying the higher penal charges due to not following the deadlines.
Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]
Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last […]
TCS amended Provisions:- Secion 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS), Section 206C(1G)(b) – TCS on selling of overseas tour package Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)]. These amended provisions of TCS […]
Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]
On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income Tax Act. Further, interest under section 234B & C is also added up in the aforesaid demand.
There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of direct taxes.
Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS & TCS Rates Pre & Post 14th May 2020, […]
1. Applicable to those sellers whose total sales/revenue or gross collection exceeds 10 cr in preceding financial year. 2. Seller will collect TCS from his customers from whom collection exceeds 50 Lacs in current year. 3. TCS will be collected on amount collected over and above 50 Lacs. 4. TCS will be collected at the […]
