Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The New Income Tax Act, 2025 replaces multiple TDS and TCS provisions with consolidated Sections 392, 393 and 394 effective from F...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Goods and Services Tax : The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance r...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
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...
Expansion of TCS (Tax Collected at Source) Compliance under Income Tax. Eligibility: – Sale of any goods above INR 50 Lacs; and Turnover of INR 10 Crore and above during FY 2019-20. Law: – It is proposed to levy TCS on sale of goods as per section 206C (IT Act) at the rate of 0.1% […]
Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whichever is earlier (Order passed on 31.03.2020).
To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability […]
In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 275/25/2020-IT(B) Government of India Ministry […]
As we all are aware that Finance Act, 2020 has come up with new insertion of TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS), Section 206C(1G)(b) – TCS on selling of overseas tour package and Section 206C(1H) – TCS on sale of any goods [except goods on which […]
The provisions of TCS u/s 206(1H) were to take effect from 1-4-2020 vide the The Finance Bill as introduced, but as it became law, it is effective from 1st Oct 2020.
CBDT Measures on issue of Non-TDS Deduction certificate or Lower rate deduction certificate during COVID Lockdown Introduction: We all know that the country is facing an outbreak of COVID-19 virus due to which the financial conditions of the assessee is in a bad state due to complete lockdown in the country. Due to the global […]
eTutorial – Online TAN Registration and Request for Consolidated TDS/TCS file from TIN – Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format
Find out about the latest CBDT order on lower or nil TDS certificate validity. Learn how it affects TDS and TCS deductions for FY 2019-20.
CBDT Order on issue of certificates for lower rate/nil deduction/collection of TDS or TCS uls 195, 197 and 206C (9) when Assesee was given such certificate for Financial year 2019-20 and when Assessee is Applying or Applied for first time for such certificate
