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CBDT notifies on party wise break up of TCS

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July, 2020 INCOME-TAX G.S.R. 464(E). In exercise of the powers conferred by section 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Sho..

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How to View and Claim GST TDS/TCS Credit

Steps to follow: - 1) Login. 2) Click and GoTo &quot;TDS and TCS Credit Received&quot;. <img alt="TDS and TCS Credit Received" class="img-fluid" src="/editor_u..

Posted in articles |   3 comments |   4435 Views

Section 206C(1H) New Provisions of TCS on Sale of Goods

As per Section 206C(1H), such section applies to Seller of whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the sale of goods is carried out...

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Revised TDS and TCS Rates wef 14/05/2020

The new TDS and TCS rates have been reduced by 25% for the period 14/052020 to 31/03/2021. The reduction in TDS is for non-salaried specified payments made to residents...

Posted in articles |   12 comments |   4636 Views

Revised TDS/TCS Rate Chart from 14.05.2020 to 31.03.2021

The TDS and TCS rates have been reduced by 25% of the existing rates. The revised TDS rates will be effective from the period 14/05/2020 to 31/03/2021. ..

Posted in articles |   17 comments |   16179 Views

New TDS/TCS rates reduced by 25% w.e.f 14/05/2020

Reduction in rate of Tax Deduction at Source (TDS) &amp; Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for&nbsp; the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th&nbsp; May, 2020&nbsp; to 31st&nbsp;March, 2021:- TDS Rate Chart for FY 2020-21 Pre &amp; Post 14th May 2020 ..

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TCS: The new move

TCS operates on the very principle of TDS i.e. Tax Deducted at Source but in practical operation, it is exactly opposite of it.We shall focus upon the provisions of TCS as applicable (under Section 206C of the Income Tax Act, 1961)...

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TCS on Sale of Overseas Tour Package

TCS on Sale of Overseas Tour Package was proposed in Budget 2020. As per TCS provision on sale of overseas tour package. every Seller of an Overseas Tour Programme Package is required to Collect Tax from the Buyer of such Overseas Tour Programme Package...

Posted in articles |   6 comments |   1240 Views

Section 206(1H): Applicability of TCS on Export & Import of goods

Section 206(1h) - Applicability of TCS on Export & Import of goods as per Finance Act, 2020 and Applicable Date Clarity..

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Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge

Circular No. 8/2020&nbsp; F. No. 370133/5/2020-TPL&nbsp; Government of India&nbsp; Ministry of Finance&nbsp; Department of Revenue&nbsp; Central Board of Direct Taxes&nbsp; (TPL Division)&nbsp; Room No. 147B-II, North Block, New Delhi Dated 13th April, 2020&nbsp; Subject: Clarification regarding short deduction of TDS/<a href="/tag/tcs" target="_bl..

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TDS Certificates for nil/low TDS rates valid till 30.06.2020

Clarification issued by CBDT regarding the validity of TDS certificates for lower or nil TDS rates.Nil or Lower TDS/TCS certificate issued for a particular period in FY 2019-20 also valid till June 30, 2020...

Posted in articles |   2 comments |   783 Views

Key amendments in TDS & TCS provisions

TDS and TCS are one of the modes of recovery of income tax in the previous year itself. Amendments were introduced in TDS and TCS provisions in Budget 2020. Know hey amendments in TDS and TCS provisions...

Posted in articles |   5 comments |   10581 Views

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