Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
CA, CS, CMA : A comprehensive guide covering 175 legal compliances for July 2026 under FEMA, Income Tax, GST, SEBI, Companies Act, Labour Laws, ...
Income Tax : This guide explains the exclusive tax benefits, deductions, exemptions, concessional tax regimes, and compliance relief available ...
Income Tax : The Income-tax Act, 2025 replaces old TDS/TCS provisions with Section 395 and Form 128 while retaining the existing mechanism for ...
CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
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...
Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs.
Though TCS (Tax Collected at Source) & TDS (Tax deducted at Source) sounds quite similar, but they are different from each other. In my previous write-up, TDS was discussed and in this write-up, TCS will be discussed in detail:
Various E-commerce Operators display on their Website/Portal, various products and services that are actually supplied by some other suppliers. Consumers purchase the products from such portals and the Supplier supplies the product to the Consumers.
With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bharat Cess and 0.50% Krishi Kalyan Cess) (`) Fees (`Rs.) […]
SECTION CODES OF NON DEDUCTION For Non-Deduction File-F.Y 2016-17 Onwards Section under which tax was deductible Form Type 192 24Q & 26Q 193 24Q & 26Q 194 24Q & 26Q 194BB 24Q & 26Q 194EE 24Q & 26Q 194LA 24Q & 26Q 194A 24Q & 26Q 194B 24Q & 26Q 194C 24Q & 26Q 194D […]
Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!
An issue arises as to whether the proposed amendment intends to take out sale of jewellery completely from TCS levy or intends to retain the TCS levy on jewellery but with lower threshold of Rs. 2 lakhs.
Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and
Prior to the amendment proposed by Finance Act 2017, the section provided for collection of tax at source at the rate of one per cent on sale in cash of bullion exceeding 2 1akh rupees and jewellery exceeding 5 lakh rupees.
The Tax Collection at Source (TCS – Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government.
