Deduction of Tax at Source (TDS) and Collection of Tax at Source (TCS) as amended by Finance Act 2019 Paperback – 2019 by Ram Dutt Sharma (Author) Price Rs 581 Click here to buy online Paperback Publisher: Commercial Law Publishers (2019) Other New Books on TAX and GST
In exercise of powers conferred by the rule 31A and 31AA of the Income-tax rules, 1962, The Central Board of Direct Taxes has prescribed the manner in which a deductor can register and file statement of tax deducted or collected at source electronically F. No. 1/3/7/CIT/OSD/E-FILlNG/TDS-TCS FORMS Government of IndiaMinistry of FinanceCentral Board of Direct… Read More »
e-Tutorial Online Challan Correction Important Information on Online Correction All type of corrections like “Personal information , Deductee details and Challan correction” can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :TRACES does not charge… Read More »
” …………. if the buyer furnishes to the person responsible for the tax a declaration in writing in prescribed form declaring that the goods in question are to b e utilized for the purposes of manufacturing processor producing articles or things or for the purpose of generation of power and not for trading purposes. The… 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 »
CBDT has revised rule 37CA of Income tax Rules as per [Notification No.30/2016, F.No.142/29/2015-TPL Dated 29.04.2016] w.e.f 01.06.2016 CBDT has inserted sub-rule Rule 3A and 3B and amended Sub Rule- 3 & 4 of Income Tax Rule-37CA. Revised Rule 37CA w.e.f 01.06.2016 is as follow :- Time and mode of payment to Government account of tax collected at… Read More »
Question Whether TCS on sale of Imported Timber should be collected from the buyers ? Answer: yes, Tax at Source has to be deducted on sale of Imported timber as Section 206C does not draw any distinction between timber grown in india and timber imported from abroad HIGH COURT OF KERALA Hillwood Furniture (P.) Ltd. v. Income-tax… Read More »