Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, makin...
CA, CS, CMA : This overview explains the unprecedented volume of 180 compliances due in January 2026 under tax, corporate, FEMA, GST, SEBI, and ...
Income Tax : Explains why TCS under section 206C(1G) applies to overseas remittances and tour packages. The key takeaway is that TCS is a repor...
Goods and Services Tax : This guide explains all major income tax and GST due dates for January 2026 and clarifies why missing TDS, GST returns, or quarter...
Income Tax : The new Bill restructures and rewrites the tax statute to make it shorter, clearer, and easier to apply. The key takeaway is conti...
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 : 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 : The tribunal rejected demand raised solely due to Form 26AS mismatch caused by employer non-deposit of TDS. The key principle is t...
Income Tax : he revision targeted 80G deduction and interest under TDS/TCS provisions. The Tribunal found that the Assessing Officer had examin...
Income Tax : The Tribunal examined whether an assessment ignoring a clear mismatch between turnover and TCS data could survive. It held that ab...
Income Tax : The Tribunal held that TCS credit cannot be denied when tax was collected from the assessee, even if the collector failed to depos...
Income Tax : Compounding fees collected from illegal mining, transportation, and storage of minerals constituted a ‘transfer of rights’ and...
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...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Bagasse is quite often and commonly used as a fuel, usually in the sugar mill themselves. The sugarcane fibrous waste is initially moist after crushing, but most mills use them as fuel after drying. Hence, even though bagasse is in the nature of scrap and waste because of its nature, since it can be used directly as a fuel, I hold that it should not be considered as ‘scrap’ for the purpose of section 206C of the Act.
File validation Utility (FVU) version 3.6 for FY 2010-11 onwards and version 2.133 for upto FY 2009-10 released (17/09/2012). Key features of File Validation Utility (FVU) version 3.6 Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of validating […]
Quarterly TDS/TCS statement file format updated. Update file format available at download section (17/09/2012). Revised Formats can be downloaded from the following link :- https://www.tin-nsdl.com/etds-etcs/eTDS-steps.php
Following are the due dates for filing of Quarterly TDS and TCS Returns in Form 24Q, Form 26Q, Form 27Q and Form 27EQ. Please file your returns on time to avoind penalty for late filing of Tds returns.
UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived
Assessee, submitted that though auction was held of parking lots, but no contract was executed in terms of auction and the contractors did not sign any contract and continued to charge parking charges. Therefore, the provisions of section 206C(1C) would not apply to the case and further for applicability of these provisions, the contract should also be registered.
Procedure for Download of File Merge Utility (in case file is split) and Merging Split Quarterly Consolidated TDS/TCS statement. A. Procedure for Download of File Merging Utility 1) Download ‘File Merge Utility’ from TIN website (www.tin-nsdl.com ) under the option ‘TAN Registration’ in download section. FMU can be downloaded at the desired location for example desktop (see Fig 1.1 below).
TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (X being the value of TCS as prescribed under Income-tax Act, 1961) to the seller. The seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks.
In the budget 2012, our Finance Minister Mr Pranab Mukherjee announced a series of proposals which intended to check tax evasion, improve tax compliance and tax collection. The most important among these proposals are: GAAR, TDS on immovable property purchases, Excise duty on gold jewellery etc. Today in the Budget bill discussion in the Parliament, the Finance Minister amended some of the proposals that he announced in the budget day. Here is a synopsis of the original proposals, the changes and the effects of such changes.
To curb the flow of unaccounted money in the bullion & jewellery trade, the Finance Bill proposes the collection of tax at source (TCS) by the seller at the rate of 1 per cent of the sale amount from the buyer for all cash transactions exceeding Rs.2 lakh. Responding to the representations made by the jewellery industry that this would cause undue hardship, I propose to raise the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh from the present Rs.2 lakh. The threshold limit for TCS on cash purchase of bullion shall be retained at Rs.2 lakh. However, it is being clarified that bullion will not include any coin or other article weighing 10 gms or less.
