Tag: tcs u/s 206C
CBDT exempts International Financial Services Centre (IFSC) from TCS under sub-section (1H) of u/s 206C Sub section (1H) of Section 206C of the Income Tax Act, 1961 (the Act) provides that every seller, who receives any amount as consideration for sale of any goods of the value or …
Penalty u/s 271CA for non collection of TCS on Parking Lot quashed by ITAT In a recent judgment, ITAT Delhi has quashed penalty u/s 271CA for non collection of TCS on Parking Lot by Nagar Palika as it was a non-profit organization and has constraints in correct understanding …
Sale of scrap not generated from a manufacturing/mechanical process not liable to TCS u/s 206C of the Act although to be liable seller need not be a manufacturer itself – ITAT In a recent judgment, the ITAT Cochin has held that a seller is liable to deduct TDS …
CBDT clarification & FAQs on changes in Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package Circular No. 10 of 2023 F. No. 370142/23/2023-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division) New Delhi, dated 30th June, …
A reasonable limitation period is applicable to Order u/s 206C for failure to deduct TCS although no limitation is prescribed under the Income Tax Act 1961 ABCAUS Case Law Citation:ABCAUS 3756 (2023) (05) ITAT Important Case Laws relied upon:Eid Mohammad Nizamuddin vs. ITO In the instant case, the …
FAQ on applicable TCS rates subsequent to Spending on International Credit Card on foreign trip expenses brought under FEMA Rules Finance Ministry issue Frequently Asked Questions (FAQs) on Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme (LRS) subsequent to The e-Gazette notification dated …
Credit for TCS made in the hands of partner allowed to partnership firm. If ultimate conclusion on application u/s 154 can only be one particular conclusion then it can be said that the issue is debatable – ITAT ABCAUS Case Law Citation: ABCAUS 3658 (2023) (02) ITAT Important …
CBDT Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1H) of section 206C of Income-tax Act, 1961 Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 (hereinafter referred to as ” the Act”) which mandates that with effect …
CBDT Guidelines on applicability of TDS u/s 194-O(4) and TCS u/s 206C 1-H from 01.10.2020 F. No.370133/22/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Circular No. 17 of 2020 Dated: 29th September, 2020 Sub.: Guidelines under …
CBDT amends TCS Rules. Amount received or debited on which TCS was not collected from buyer to be reported MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification 54/2020 New Delhi, the 24th July, 2020 INCOME-TAX G.S.R.464(E).—In exercise of the powers conferred …