Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
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Income Tax : Verify your Form 26AS before filing your ITR for FY 23-24. Ensure accurate TDS and avoid discrepancies for a smooth tax return pro...
CA, CS, CMA : Stay compliant with tax obligations in May 2024. Check the due dates for income tax, GST, PF, ESI, and more. Get organized with th...
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Income Tax : CBDT Circular No. 6/2024 extends relief to taxpayers from tax demands arising from inoperative PANs. Learn about the conditions an...
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Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
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Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;
The seller will not be obliged to collect the tax at source (TCS), if the buyer has deducted the tax at source from the payment. Thus Provider of a service may not be obliged to collect tax, if the recipient has deducted tax at source.
(i) Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an Individual and other non-corporate assessee has been amended w.e.f. 1st June 2016 as under:
Section 206C has been amended w.e.f. 01/06/2016, whereby in case of Goods/Services, if invoice is more than 2 lakhs, then TCS will be applicable is any amount of sale consideration is received in cash. Brief Analysis of the Provisions is presented below. Sub-section 1D was inserted in Section 206C in 2012, when TCS was imposed on Sale of Jewellery and Bullion. Now it has been amended to include Sale of any other Goods/Services.
CA Jugal K Parmar Applicability ⇐ Every “seller” “Seller” as per Explanation (C) to section 206C means – Central Government/’ Any local authority/’ corporation or authority established by or under a Central, State or Provincial Act OR Any Company OR Firm OR Co – operative Society OR An Individual or HUF who is liable to […]
A one-time disclosure scheme i.e Income Declaration Scheme, 2016 for declaration of undisclosed income of any financial year upto 2015-16 was added in Finance Bill 2016. The same is to be brought w.e.f. June 1, 2016 and it is to remain open up to the date1 to be notified by the Central Government in the Official gazette.
Whether TCS to be collected, if Goods sold/Services provided of value exceeding Rs. 2,00,000 purchased/received for personal consumption from Retail Buyer? Yes, still TCS provision will be applicable as not exception for such clause is there; every buyer/service provider is covered under these section.
Arjuna, June month is the month of monsoon. Everyone would be keeping an eye towards rainfall from 7th June onwards. Now the government has made shower of various changes in tax laws this year. Only God knows that when rain will come and how much, but all these changes in tax laws will be effective from 1st June. So it is important that each and every taxpayer carries on his transactions after understanding the new changes and the new scheme.
Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016. In this article, I am trying to answer most commonly asked questions on this Amendment.
TCS provisions have been made applicable to all the goods and services wef 01-06-2016. While the provisions are intended to frame a system of reporting high value transactions to curb black money, the law framed by the parliament in this regard is plagued by number of doubts and issues which can clog the very implementation of provisions. The author has made a humble attempt to consolidate the issues involved in this taxation as under:
