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Collection of Tax at Source (TCS) [ Section 190 to 206CA]
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 …
(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 …
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 …
[Section 206C(3B)]- Correction Statement of TCS for rectification of mistake Read More »
Section No. Nature of default Penalty Officer who shall impose the penalty No penally for reasonable cause i.e. whether section 273 is applicable 1 2 3 4 5 271CA Failure to collect the whole or any part of tax as required by or under the provisions of Chapter XVIIBB Sum equal to the amount of …
Currently, there does not exist any provision in the Act to enable processing of the TCS statement filed by the collector as available for processing of TDS statement. As the mechanism of TCS statement is similar to TDS statement, the Act has inserted section 206CB in the Act which provides as under: (A) [Section 206CB(1)]- …