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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..

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How should the e-TDS/TCS return be prepared?

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website (www.incometaxindia.gov.in) and NSDL-TIN website (www.tin-nsdl.com). There is a validation software (File Validation Utility) available along with the data structure which should be used to validate the data structure of the e-TDS/TCS return prepared. The e-TDS/TCS return should have following features: e-TDS/TCS return file should b..

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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..

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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...

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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. ..

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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 |   1369 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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