Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : Delve into AIS, TIS, and Form 26AS to discern if they aid or perplex the taxpayer. Learn about their contents, differences, and th...
Income Tax : Learn about the due dates for TDS and TCS payments, returns, and consequences for late filing, deduction, and payment under the In...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
Income Tax : Navigate tax complexities in transactions with government entities under Section 196 of the Income Tax Act. Explore tax deductions...
Income Tax : Explore the key highlights of Finance Bill 2024, covering tax rate updates, deduction amendments, faceless scheme implementation, ...
Income Tax : Discover how CA-TDSMAN revolutionizes tax compliance for Chartered Accountants and Tax Professionals, fostering seamless collabora...
Income Tax : Simplify your TDS/TCS compliance with TDSMAN, the trusted software for over 18 years. Error-free returns, integration with IT port...
Income Tax : Latest updates in RPU Version 4.7 for Regular & Correction quarterly e-TDS/TCS statements starting FY 2023-24. Discover key featur...
Income Tax : Latest updates in File Validation Utility (FVU) versions 2.178 and 8.2 for e-TDS/TCS statements. Learn about new columns, features...
Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...
Corporate Law : Explore the Kerala High Court judgment on TCS exclusion from vehicle purchase value. Assessing Authority directed to reassess tax....
Income Tax : ITAT Indore held that the credit of the tax collected at source should be given to the person in whose hands the income is rightfu...
Income Tax : ITAT Delhi restores a case involving Golden Traders vs. ITO due to the assessee's failure to compile data during the COVID-19 pand...
Income Tax : Jharkhand High Court held that TCS is not to be collected in the transaction of purchase of coal which is used in generation of po...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
Income Tax : Central Board of Direct Taxes extends deadline for submitting Q1 TDS/TCS statements for the financial year 2023-24 until September...
Income Tax : CBDT notifies Section 206C (1G) of Income Tax Act shall not apply to a person (being a buyer) who is a non-resident & who does not...
Income Tax : Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, ...
Learn about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in India, when to deduct/collect, compliance, penalties, and more. What is TAN? Find out.
Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CCA. Stay compliant and avoid penalties.
Understand the interplay between TDS under section 194Q and TCS under section 206C(1H) in the Income Tax Act. Learn the basic provisions and applicability of these sections on both the purchase and sale of goods.
If any mistake is apparent from the record, the Income-tax authority can rectify such mistake. An order of rectification is required to be passed within a period of 4 years from the end of the financial year in which the order which is sought to be rectified was passed.
Budget 2023 introduces new TDS/TCS provisions for online gaming winnings, revises rates for overseas remittances and tour packages, and adjusts cash withdrawal thresholds for co-operatives. Additionally, removes TDS exemption on interest from listed securities in demat form, effective April 1 and July 1, 2023.
ITAT Bangalore held that credit of TCS should be given to the assessee which is finally and lawfully assessed to tax in respect of the corresponding income on which TCS has been collected irrespective of person in whose name TCS certificate is issued.
In her Budget speech, the Finance Minister indicated that the goal of ‘Amrit Kaal’ is for India and its citizens to ascend to new heights of prosperity, as the country complete 100 years of independence. Budget 2023 has drawn the blueprint for India’s ‘Amrit Kaal’ and has a vision for an empowered and inclusive economy, […]
Know section 206(1G) TCS on outward remittance under LRS with budget 2023. Explore details of RBI LRS & overseas tour program package w.e.f. 10.2020.
Relief for non-filers of income-tax returns from higher TDS/TCS rate – Budget 2023 Section 206AB & 206CCA provide special provision for higher TDS/TCS rate for non-filers.
Learn how Budget 2023 will increase the TCS on overseas tour packages, as provided in Section 206C and sub-section (1G) of the Act. %keyphrase
