Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
CA, CS, CMA : Explore 375 key legal compliances and updates across FEMA, Income Tax, and GST for March 2025. Stay informed on filing deadlines a...
Income Tax : Learn about TCS rules under Section 206C(1G) of the Income Tax Act for non-resident buyers of overseas tour packages and CBDT's ex...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
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 : 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 : ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credite...
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...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
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...
CBIC notifies that Section 52 of the CGST Act (provisions related to TCS) will come into force w.e.f 01.10.2018 vide Notification No. 51/2018 – Central Tax Dated: 13th September, 2018 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs New Delhi Notification No. 51/2018 – Central Tax Dated: […]
Article explains Provisions of TDS And TCS Under GST Law which includes Threshold limit of TDS deduction, Registration of GST TDS / TCS deductors, Rate of TDS / TCS under GST, Payment of TDS / TCS under GST, TDS / TCS Certificate under GST, TDS / TCS credit under GST, Delay in deposit of TDS […]
Type of TDS / TCS Return Form Deductor is liable to deduct tax and file the TDS Return. There are various types of TDS Return Forms that are applicable for different situations based on the Nature of Income of the deductee or the type of deductee on whom the TDS is imposed. Type of TDS […]
Article Compiles TCS Rates for F.Y. 2016-17 to 2018-19 under Section 206C of Income Tax Act, 1961 stating Nature of Payment, Threshold Amount, TCS Rate as applicable to Individual / HUF and others. It Provides TCS Rate on Scrap, TCS Rate on Tendu Leaves, TCS Rate on Timber obtained under a forest lease or other […]
The Annual Tax Statement under section 203AA in From No. 26AS contains ‘Details of Tax Deducted At Source’ in Part A, ‘Details of Tax Collected At Source’ in Part B and ‘Details of Tax Paid (Other than TDS and TCS)’ in Part C basing on the data available with the department through OLTAS (On Line Tax Accounting System).
The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018.
The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time.
Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible
Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is […]
Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi.
