Quick Summary
The Union Budget has introduced a series of tax simplification measures, with significant implications for Tax Collected at Source (TCS) compliance. Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has hinted at the potential decriminalisation of delays in TCS filings, following similar reforms made for Tax Deducted at Source (TDS). Currently, delays in filing TCS are classified as criminal offences. However, the Finance Bill is expected to propose relief similar to the recen
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FAQ :
The government is considering decriminalising delays in filing Tax Collected at Source (TCS), similar to recent changes made for Tax Deducted at Source (TDS).
Currently, delays in filing TCS are classified as criminal offences.
TDS (Tax Deducted at Source) applies to payments like salaries and professional fees, while TCS (Tax Collected at Source) pertains to taxes collected by sellers during transactions.
Budget 2024 allowed for TDS payments to be made up to the filing deadline for TDS returns, provided the deducted amount is deposited before the quarterly return deadlines.
The final decision on these measures will be confirmed in the upcoming Finance Bill.
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