Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Delve into AIS, TIS, and Form 26AS to discern if they aid or perplex the taxpayer. Learn about their contents, differences, and th...
Income Tax : Learn about the due dates for TDS and TCS payments, returns, and consequences for late filing, deduction, and payment under the In...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
Income Tax : Navigate tax complexities in transactions with government entities under Section 196 of the Income Tax Act. Explore tax deductions...
Income Tax : Explore the key highlights of Finance Bill 2024, covering tax rate updates, deduction amendments, faceless scheme implementation, ...
Income Tax : Discover how CA-TDSMAN revolutionizes tax compliance for Chartered Accountants and Tax Professionals, fostering seamless collabora...
Income Tax : Simplify your TDS/TCS compliance with TDSMAN, the trusted software for over 18 years. Error-free returns, integration with IT port...
Income Tax : Latest updates in RPU Version 4.7 for Regular & Correction quarterly e-TDS/TCS statements starting FY 2023-24. Discover key featur...
Income Tax : Latest updates in File Validation Utility (FVU) versions 2.178 and 8.2 for e-TDS/TCS statements. Learn about new columns, features...
Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...
Corporate Law : Explore the Kerala High Court judgment on TCS exclusion from vehicle purchase value. Assessing Authority directed to reassess tax....
Income Tax : ITAT Indore held that the credit of the tax collected at source should be given to the person in whose hands the income is rightfu...
Income Tax : ITAT Delhi restores a case involving Golden Traders vs. ITO due to the assessee's failure to compile data during the COVID-19 pand...
Income Tax : Jharkhand High Court held that TCS is not to be collected in the transaction of purchase of coal which is used in generation of po...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
Income Tax : Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September...
Income Tax : CBDT notifies Section 206C (1G) of Income Tax Act shall not apply to a person (being a buyer) who is a non-resident & who does not...
Income Tax : Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, ...
In Nisarahmed Abdulsattar Vs. ITO, ITAT Ahmedabad quashes the Assessment Order for failure to collect TCS on the sale of metal scrap before the limitation period. Read the full order here.
CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program package. F. No. 370142/23/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi Circular No. 10 of […]
Ministry of Finance Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum Government gives more time for implementation […]
No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum. Government gives more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Increased TCS rates to apply from 1st October, 2023
Understand the recent buzz around the 20% Tax Collection at Source (TCS) on international credit card usage in India. Analyze the relevant provisions, background, and implications of the changes in TCS rates and the Liberalised Remittance Scheme (LRS). Learn about the government’s relief measures and the credit availability of TCS.
Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September 30, 2023.
Explore the concept of Tax Collected at Source (TCS) and its intended purpose. This article discusses the recent increase in TCS rates, its impact on individuals, and proposes keeping the rates between 0.5% to 1% for the benefit of taxpayers and the Income Tax Department.
Explore the crucial points to verify during a tax audit in India, covering areas like books of accounts, TDS, compliance, transfer pricing, and more. Ensure comprehensive tax compliance.
Myth 1: TCS applies to all foreign payments made by Indian companies. Fact: This is a myth. Tax Collected at Source (TCS) is a provision under the Indian Income Tax Act that requires the collection of tax at the source of specific transactions. However, TCS does not apply to all foreign payments made by Indian […]
Navigate the impact of TCS on international credit card payments post-FEMA amendments. Understand LRS, increased TCS rates, and get tips on managing expenses and compliance for seamless overseas transactions. Stay informed to plan your spending wisely.
