TCS from 1st OCT. Under which section?

113 views
User Avatar

1 Points Posted on 21 November 2020
under which section the payment of TCS introduced on goods from 1st oct shall be deducted?
0 Reply Share Follow
On 21 November 2020 at 11:06 Report
Replies (2)
Quick Summary
This discussion clarifies the section under which Tax Collected at Source (TCS) on the sale of goods, effective from October 1st, should be deducted. The relevant section is 206C (1H) of the Income Tax Act, 1961. This subsection was introduced by the Finance Act 2020, mandating sellers to collect TCS on the sale of any goods.

User Avatar

Accountant
3662 Points Posted on 21 November 2020
Section 206C (1H)
Reply
On 21 November 2020 at 12:12
User Avatar

Student
23693 Points Posted on 21 November 2020
TCS on Sale of Goods is collected U/s 206C ( 1H ) of the Income Tax Act 1961, w.e.f. 01/10/2020. A new sub section ( 1H ) was inserted in Section 206C by Finance Act 2020, for collection of TCS by the seller on sale of any goods.
Reply
On 21 November 2020 at 17:57

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Capital gains incidence due to bonus shares
  2. Amendment of Object Clause of Memorandum
  3. How Can I Request a Refund for an Accidental Airte
  4. TDS on salary paid in cash
  5. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
  6. Last Date To Fill ITR For Non-Audit Case
  7. Guidance Required on Filing Fresh Registration und
  8. IT Return Refund Status AY 2026-27
  9. Clarification Regarding Income Tax Demand Notice
  10. Online PAN Download: Check How?

More recent discussions | Post

Related Topics :

Loading