Penal Provisions Related to Tax Collected at Source (TCS)

Tax Ready Reckoner, TDS-TCS /

Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections 271, 272, and 276 of the Income Tax Act, 1961, based on the available search results and relevant legal provisions: Table: Penal Provisions for TCS Non-Compliance SECTION NATURE OF DEFAULT PENALTY/CONSEQUENCE CONDITIONS/EXCEPTIONS Section 271CA Failure to collect TCS under Section 206C Amount equal […]

Penal Provisions Related to Tax Collected at Source (TCS) Read More »

Tax Collection at Source (TCS) – Lower Rate Provisions [Section 206C (9), (10), (11) and Rules 37G and 37H]

Tax Ready Reckoner, TDS-TCS /

Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11) and Rules 37G & 37H:  (For specified goods like scrap, minerals, timber, etc.) PROVISION KEY FEATURE PROCEDURE DOCUMENTATION VALIDITY Section 206C(9) Allows collector to apply for lower/nil TCS rate File application to Assessing Officer (AO) Submission of financials & tax

Tax Collection at Source (TCS) – Lower Rate Provisions [Section 206C (9), (10), (11) and Rules 37G and 37H] Read More »

[Section 206CB]: Processing of Statements of Tax Collected at Source (TCS)

Tax Ready Reckoner, TDS-TCS /

Here’s a detailed explanation of Section 206CB: Processing of Statements of Tax Collected at Source (TCS) under the Income Tax Act, 1961, synthesized from the search results: 1. Overview of Section 206CB Purpose: Governs the centralized processing of TCS statements (e.g., Form 27EQ) filed by collectors (sellers) to ensure accuracy and compliance. Introduced: Finance Act amendments (effective from 1st

[Section 206CB]: Processing of Statements of Tax Collected at Source (TCS) Read More »

[Section 207]: Liability for Payment of Advance Tax

Advance Payment of Tax, Tax Ready Reckoner

1. Who is Liable? Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for the financial year (FY) exceeds ₹10,000 after deducting TDS/TCS. Applies to: Salaried employees with additional income (rent, interest, capital gains, etc.). Self-employed professionals & businesses. Companies & firms. 2. Who is Exempt? Senior Citizens (60+ years)who are resident individuals and have no income from business/profession. Taxpayers opting

[Section 207]: Liability for Payment of Advance Tax Read More »

[Section 207(2)]: Exemption for Senior Citizens from Advance Tax

Advance Payment of Tax, Tax Ready Reckoner

1. Who is Exempt? Resident Individuals aged 60 years or above(Senior Citizens). Condition: Must not have any income chargeable under “Profits and Gains of Business or Profession” (PGBP). Applies to: Pension income. Rental income. Interest income (FDs, savings accounts, etc.). Capital gains. 2. Who is NOT Exempt? Senior citizens with business or professional income(must pay advance tax

[Section 207(2)]: Exemption for Senior Citizens from Advance Tax Read More »

[Section 208]: Conditions for Liability to Pay Advance Tax

Advance Payment of Tax, Tax Ready Reckoner

1. Basic Condition A taxpayer is liable to pay advance tax if: Estimated tax liability(after deducting TDS/TCS) for the financial year (FY) exceeds ₹10,000. 2. Key Scenarios Where Advance Tax Applies ✔ Salaried Individuals – If they have additional income (rent, interest, capital gains, freelance earnings, etc.) where total tax due > ₹10,000 after TDS. ✔ Self-Employed Professionals & Businesses – Since most

[Section 208]: Conditions for Liability to Pay Advance Tax Read More »

Computation & Payment of Advance Tax (Self-Assessment) [Section 209(1)(a) & (d)]

Advance Payment of Tax, Tax Ready Reckoner

1. When Does This Apply? When the taxpayer calculates their own advance tax liability(not based on the Income Tax Department’s demand). Applies to individuals, businesses, and professionalsliable for advance tax. 2. Steps for Self-Calculation of Advance Tax Step 1: Estimate Total Income for the Financial Year (FY) Include all income sources: Salary (if applicable) Business/Profession income Capital

Computation & Payment of Advance Tax (Self-Assessment) [Section 209(1)(a) & (d)] Read More »

[Section 210(1)]: Payment of Advance Tax by the Assessee on Their Own Accord

Advance Payment of Tax, Tax Ready Reckoner

1. Overview Under Section 210(1) of the Income Tax Act, 1961, taxpayers liable for advance tax must voluntarily calculate and pay their estimated tax liability in instalments during the financial year. This applies when: The tax liability (after TDS/TCS) exceeds ₹10,000. The taxpayer is not exempt(e.g., senior citizens without business income). 2. Key Provisions (A) Self-Calculation of Advance Tax Estimate Current

[Section 210(1)]: Payment of Advance Tax by the Assessee on Their Own Accord Read More »

Payment of Advance Tax Pursuant to Assessing Officer’s Order [Section 210(3) & 210(4)]

Advance Payment of Tax, Tax Ready Reckoner

1. Overview When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue an order under Section 210(3) demanding payment based on: The taxpayer’s last assessed income, or The returned income(if higher than the last assessed income). If the AO later revises this demand (e.g., due to new information), an amended order under Section 210(4) may be issued. 2.

Payment of Advance Tax Pursuant to Assessing Officer’s Order [Section 210(3) & 210(4)] Read More »

[Section 211]: Instalments of Advance Tax & Due Dates

Advance Payment of Tax, Tax Ready Reckoner

Section 211 of the Income Tax Act, 1961, mandates the payment of advance tax in four instalments during the financial year (FY) for most taxpayers, with specific due dates and percentages. Below is a detailed breakdown: 1. Regular Taxpayers (Non-Presumptive Income) [Section 211(1)(a)] DUE DATE % OF ADVANCE TAX PAYABLE (CUMULATIVE) KEY POINTS 15th June 15% First

[Section 211]: Instalments of Advance Tax & Due Dates Read More »

Scroll to Top