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NSDL releases e-TDS/TCS Return Preparation Utility Ver. 3.5. Download now!

  e-TDS/TCS Return Preparation Utility Ver. 3.5 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 Download RPU version 3.5 NSDL e-Gov RPU_e-Tutorial (Version 1.7) Features of RPU 3.5 https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html ..

Posted in news |   1278 Views


A Critical Analysis of having TDS and TCS with GST on them

Hello to all Readers, I am Akshay Parakh a Chartered Accountant and also a member of ICAI. As I am deeply interested in GST Law so I keep myself updated with the latest notifications and changes made in provisions of the laws along with rulings and court cases. Here is the new issue which is often seen in business houses which requires auditors attention towards them. A CRITICAL ANALYSIS OF TRANSACTIONS HAVING TDS AND TCS WITH GST ON THEM In regular business environments when w..

Posted in articles |   4 comments |   8880 Views


TCS Rate chart: What are the applicable TCS rates for FY 2019-20 and 2020-21?

What is TCS? As per the Income Tax Act, 1961, certain individuals/businesses have to collect a specified percentage of tax from their buyers on certain transactions. Such tax is known as the Tax Collected at Source or TCS. Section 206C of the Income Tax Act, 1961 deals with the goods on which tax is to be collected at source. Which sellers are required to Collect Tax at Source? The following sellers are required to collect TCS: 1. Central Government 2. State Government 3. Local Aut..

Posted in articles |   4 comments |   16458 Views


TCS u/s 206C (1H) - New inclusions in the applicability of TCS

Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act specifies the categories of goods on which the seller has to collect tax from the purchasers. TCS provisions under the Income Tax ..

Posted in articles |   8 comments |   14172 Views


An Overview of TCS on Sale of Goods u/s 206C

There are close to 32 items of income/payments on which tax is deductible at source (TDS) and 11 items on which tax has to be collected at source (TCS). However, this position has now been changed after the introduction of a new sub-section (1H) in Section 206C of the Income Tax Act vide Finance Act, 2020 which has come into effect from 01.10.2020. The new provision stipulates that all goods which were not covered by any clause of erstwhile Section 206 shall now be subject to tax coll..

Posted in articles |   7 comments |   13707 Views


TCS u/s 206C (1H) - Points to be kept in mind while applying the section

TCS on sale of any goods - Section 206C (1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which the seller has to collect tax from the purchasers. Sub-section (1H) has been inserted in Section 206C by the Finance Act, 2020 for collection of TCS by the seller on the ..

Posted in articles |   3 comments |   4812 Views


TCS u/s 206C (1H) - Applicability, Exemptions and Payment Schedule w.e.f 1st Oct 20

With effect from 1st of October 2020, Finance Act 2020, introduced a new provision - under Section 206C (1H), regarding the Tax Collected at Source (TCS) on sale of Goods. Applicability of the Section: This section is applicable to the sellers of goods, whose turnover during the preceding FY exceeded Rs.10 Crores. Scenario, where the section comes in: Only in the event of the sale of goods only and not on services. Applicable Rates: From the 1st of October 2020, the selle..

Posted in articles |   14 comments |   22227 Views


TCS u/s 206C (1H) - FAQs answered!

Tax collected at Source on sale of Goods effective from 01st October 2020 The due date for filing Annual return and audit report under GST has been extended, taxpayer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. Vide Finance Bill, 2020 sub-section (1H) of section 206C of the Income Tax Act has been introduced which has proposed for tax collection at source (‘T..

Posted in articles |   3 comments |   5517 Views


Clarification on doubts arising on account of TCS u/s 206C (1H)

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions. Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 3..

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TCS u/s 206C (1H) - A beginners guide!

Introduction:- Section 206C of the Income Tax Act provides for the collection of Tax at Source In order to widen and deepen the tax, a new sub-section (1H) is inserted with effect from 1st October 2020. Who is Liable to collect TCS? TCS is required to be collected by a Seller on consideration received from a buyer for the sale of any Goods. Seller:- means a person whose turnover in the financial year immediately preceding the year in which sale of goods takes place, exceeds ..

Posted in articles |   2 comments |   18882 Views


TCS on GST, But No GST on TCS - Understanding the practicality of Section 206C (1H)

Arjun (Fictional Character): Krishna, what is the new provision of TCS under the Income Tax Act on the sale of Goods? Krishna(Fictional Character): Arjuna, an amendment has been made in section 206C (1H) of Income Tax, which is as follows: (1H) Every person, being a seller, who receives any amount as consideration for the sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered..

Posted in articles |   2 comments |   15165 Views


TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020!

TCS is the tax collected by the seller when goods are being sold to the buyer. Section 206C of the Income Tax Act lays down the terms and conditions under which tax has to be collected. However, an amendment has been made under Section 206C (1H) which will applicable from 1.10.2020 onwards. Let us uncover some of the terms of the said ammendment. Arjun (Fictional Character): Krishna, what is the amendment applicability of TCS under section 206C of the Income-tax Act? Krishna (Fictiona..

Posted in articles |   11 comments |   20673 Views


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