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TDS/TCS Rates w.e.f. 1st April 2021

  1. Tentative rates of TDS Section Nature of Income Rate of TDS applicable for the period Threshold Limit for deduction tax w.e.f. 01.04.2021 14-05-2020 to 31-03- 2021 193 Interest on Securities 10% 7.50% - 194 Dividend 10% 7.50% ..

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Section 206C | Tax Collection at Source

a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timb..

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Refund of GST TCS for Online Sellers of E-Commerce Operators

INTRODUCTION TCS in GST for e-commerce operators is a concept under provisions of GST law introduced in India w.e.f. 1st July, 2017. However, the same was implemented w.e.f. 1st October, 2018. GST is itself an area of concern for most of businessman in India and mixing it with TCS, makes it more confusing for specifically for sellers selling their products through Flipkart, Amazon, Snapdeal, Myntra etc. This article throws light on the eligibility of Refund of GST TCS for sellers selling thei..

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Rates of TCS applicable for FY 2021-22 (AY 2022-23) by ICMAI

Rates of TCS applicable for financial year 2021-22 (AY 2022-23)   SECTION 206C (1) TCS Deposit Challan Code Goods & Services liable to TCS TCS Rate (%) 6CA Alcoholic liquor for human consumption 1 6CB Timber obtained under Forest lease 2.5 6CC Timber obtained by any mode other th..

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TCS Rate chart: What are the applicable TCS rates for FY 2021-22 (AY 2022-23)?

This article focuses on the TCS Rates for FY 2021-22 and it's comparison with FY 2020-21. What is TCS? Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Which sellers are required to Collect Tax at Source? The following sellers are required to collect TCS: Central Government State Government Loc..

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Section 206AB/206CCA | Higher TDS/TCS Rate

Higher TDS/TCS Rate for Non-Filers of Income Tax Return Section 206AB and 206CCA-Special provision for deduction of tax at source (TDS) and collection of tax at source(TCS) for non-filers if income tax return at higher rates. The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961('Act') by the Finance Bill, 2021. The said section provides for higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of income tax return...

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Not filed Income Tax Returns? Get ready for higher rate of TDS/TCS deduction

The Finance bill 2021, propose to inserts two new section i.e. Sec.206AB and Sec.206CCA to enable for deduction and collection of TDS and TCS at higher rates  for those not filed their income tax returns. Brief about these sections below Applicability of the Section.206AB This section applicable with effect from 1st July 2021 To whom it’s applicable This section applicable to the persons who are covered under the below two criteria Those are required to file the Inco..

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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 ..

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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..

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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..

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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 ..

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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..

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