NEW CHANGE INCOME TAX LOWER TDS CERTIFICATE I LOWER TCS CERTIFICATE
NEW CHANGE INCOME TAX LOWER TDS CERTIFICATE I LOWER TCS CERTIFICATE
NEW CHANGE INCOME TAX LOWER TDS CERTIFICATE I LOWER TCS CERTIFICATE
Increasing rate of TCS of certain remittances BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Section 206C of the Act provides for TCS on business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1G) of the aforesaid section provides for TCS on foreign remittance through the Liberalised Remittance Scheme and… Read More »
TCS -Tax Collected at Source TCS Tax Collected at Source under Income Tax Act Section 206 Table of Contents on TCS Sr No Contents 1.1 Who is responsible to collect tax at source under section 206C 1.2 Specified goods in Section 206C(1) 1.3 Who is a seller under Section 206C 1.4 Who is a buyer… Read More »
COLLECTION OF TAX AT SOURCE [SECTION 206C] Applicability of section 206C [Tax Collected at Source] For applicability of section 206C following conditions should be satisfied, namely :— The assessee is a ‘buyer’ of ‘specific goods’ in any sale, by way of auction, tender or any other mode; or, he is a lessee or licensee in relation… Read More »
Held A perusal of the paragraph-6 of the above judgment, would indicate that certain items generated out of ship breaking activity might be known commercially as “scrap” but they are not waste and scrap. These items are re-usable as such, and therefore, would not fall within the definition of “scrap” as envisaged in the Explanation… Read More »
CBDT Circular No. 23/2016 F.No.370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, Dated 24 June 2016 Subject : Amendment in section 206C of the Income Tax Act vide Finance Act 2016 -Clarification regarding In order to curb the cash economy, Finance Act 2016 has… Read More »
TCS on sale of Motor Vehicle Circular No 22/ 2016 F.No 370142/17/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direcl Taxes (TPL Division) Dated 8th, June 2016 Sub: Amendment in Section 206C vide Finance Act 2016 – Clarification s regarding Section 206C of the Income-tax Act, 1961 (hereafter referred to… Read More »
Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016
TCS on Sale of motor Vehicle above Rs 10 Lakh TCS on Sale of motor Vehicle above Rs 10 Lakh as per newly inserted section 206c(1F) in Income Tax Act (India) Analysis of provision on TCS on Sale of motor Vehicle above Rs 10 Lakh :- TCS on Sale of motor Vehicle above Rs 10 Lakh TCS… Read More »
Finance Bill 2016 Tax Collection at Source (TCS) on sale of vehicles; goods or services The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption,… Read More »