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 will discuss in detail about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) along with updated TDS Rate Chart and TCS Rate rate chart amidst the outbreak of COVID-19 and lockdown: TDS Compliances And Impact of Covid-19 Thereon TDS Deductor and Deductee TDS is basically income tax deducted […]
All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is different for goods specified under different categories. Section 206C of the Income […]
Budget 2020 proposed by Finance Minister Ms. Nirmala Sitharaman can make your dream to study overseas or enjoy an exotic holiday abroad more costlier. Reason being new provisions to collect TCS (Tax Collected at Source) introduced for from Year 2020-21 and onwards. This Articles deals with the various issues emerging out of the said proposal. […]
Note on Calculation of Interest on Delayed Payment of TDS/TCS AS per the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Introduction 1. The Ordinance was promulgated by the Hon’ble President of India under the power conferred under Art. 123 of the Constitution of India. The main objective of this ordinance is to […]
All of us are well aware of TDS (Tax Deduction at Source) , wherein Buyer of goods or service has an obligation to withhold the Tax and make the remaining amount to seller of Goods and service. In another way, TCS (Tax Collected at source) will operate. Here, Seller of goods shall collect the tax […]
As we all know that the government has recently decreased tax deduction at source (TDS) and tax collection at source (TCS) rates for interest, dividend, professionals, rent payments and other non-salaried payments by 25 per cent with effect from May 14, 2020 for the current financial year. The tax deduction at source (TDS) and tax […]
श्री कृष्ण – अर्जुन संवाद TDS/TCS बदलाव पर। अर्जुन: श्री कृष्ण जी को मेरा प्रणाम। कृष्ण: तथास्तु। अर्जुन: भगवन , भारत सरकार द्वारा कोरोना के मद्देनजर टैक्स स्लैब में कोई बदलाव किया गया हैं क्या? कृपा मुझे बताने का कष्ट करें। कृष्ण: अर्जुन, भारत सरकार द्वारा अभी कोई बदलाव नहीं किया गया हैं। लेकिन TDS/TCS […]
The Finance Minister Nirmala Sitharaman made an important tax-related announcement in a press conference yesterday. To give more cash in the hands of taxpayers, she disclosed a rate cut of 25% on Tax Collected at Source (TCS) for specified receipts and Tax Deducted at Source (TDS) for non-salaried specified payments made to residents. Key Points […]
In view of spread of Novel Corona Virus (COVID-19) and challenges faced by taxpayers in meeting the compliance requirements under various provisions of income tax act the following measures have been taken by the Govt. Tax related measures announced by FM on 13th May 2020 1. Reduction in Rates of Tax Deduction at Source (TDS) […]
Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with latest changes made by press release dated 13th May, 2020 and Finance Act, 2020. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance […]
