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...
CBDT has clarified that Tax collection at source (TCS) is not a tax on goods but an interim levy on the possible income arising from the sale of goods by the buyer and to be adjusted against the final income- tax liability of the buyer.
For the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Goods and Service Tax (GST) after coming into force with effect from 01/07/2017 is still `Work in Progress’ and registered and non-registered persons have to be aware about the progress taking place in GST from time to time. Tax Collected at Source (TCS) under GST is one such area which still remains unclear to a […]
CBIC has issued Circular No. 76/50/2018-GST dated 31-12-2018 in which in point no. 5 it has clarified that GST will be applicable on TCS ( under Income Tax) amount collected by Seller under Income Tax Act.
Compliance of TDS and TCS provisions is one of the important aspects for every business. However, it is also a tricky issue since there are so many provisions and also due to frequent insertion of new provisions. Non Compliance with these provisions leads to payment of Interest, Late Filing Fee, Penalties and also punishable with […]
CGST (Second Removal of Difficulties) Order, 2019- Due date for the statement under section 52(4) October, November and December 2018 extended from 31st January, 2019 to 7th February, 2019 Extension of due date for furnishing of FORM GSTR-8 (TCS Return by e-commerce operators) for Oct to Dec 2018 till 07.02.2019 vide ORDER No. 02/2019-Central Tax dated […]
Recently the Central Government issued Circular No. 76/50/2018-GST dated 31st December, 2018 clarifying, Applicability of GST on TCS collected under Income Tax Act: – Sr. No. Issue Clarification 5 What is the correct valuation methodology for ascertainment of GST on Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961? 1. Section 15(2) […]
PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) Petitioner, has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the value of the […]
DCIT Vs M/s. Ahmedabad Vadodara Express Way Co. Ltd. (ITAT Ahmedabad) It is seen that the assessees have given only permission to the collecting entities to collect the toll fees and maintain the toll plazas by employing a specified category of persons and supervise them and deposit the toll collection in the signatory account of […]
TCS provisions has been made effective from 01.10.2018 TCS refers to the tax collected by electronic commerce operator when supplier supplies goods or services through portal and the payment for that supply is collected by the E Commerce operator. Eg Flipkart,Amazon which sells products through their website and consideration is collected by E-commerce operators after retaining commission and balance is […]
