Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

TCS

Collection of Tax at Source (TCS) [ Section 190 to 206CA]

[Section 206C]- TCS on Profit and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, etc.

Section 206C relating to tax collection at source is applicable in the following two cases: (A)       Tax be collected by seller from the buyer in respect of sale of specified goods. (B)     Tax to be collected by a person granting lease / license right in case of Parking Lot, Toll Plaza or Mining …

[Section 206C]- TCS on Profit and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, etc. Read More »

Time and Mode of TCS payment to Government Account U/s 206C [Section 206C(3) and Rule 37CA]

(A) Time of Payment of TCS All sums collected in accordance with the provisions of section 206C(1), or (IC)’, shall be paid to the credit of the Central Government as under. (1)   Where TCS is collected by an office of the Government (a)     on the same day where the tax is so paid …

Time and Mode of TCS payment to Government Account U/s 206C [Section 206C(3) and Rule 37CA] Read More »

[Section 206C(3B)]- Correction Statement of TCS for rectification of mistake

As per Section 206C (3B), the person collecting the TCS referred to in proviso to section 206C(3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such …

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