Read all Latest Updates on and about Section 206C of the Income Tax Act

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Buying a Car Over ₹10 Lakhs? Don’t Forget the Hidden 1% TCS Cost

Adwaid M S

Introduction When a big purchase like a car is on the horizon, most of us research models, compare mileage versus luxury, check loan EMIs, and ...

From Handbags to Yachts to Attract 1% TCS: Categories, Threshold, Rules and Impact Explained

MSME - MSME Mutual Credit Guarantee Scheme - 60% credit guarantee for MSMEs - TAXSCAN

MSMEs under Mutual Credit Guarantee Scheme can avail 60% Guarantee for Credit Facility upto ₹100...

Litigation Delays excluded from Limitation Periods for passing Income Tax Orders: FM proposes in...

Important Income Tax Forms Due by November 30, 2024

Mere opening, breaking or uncorking of liquor bottle by twisting seal not amounts to “Scrap” from “Mechanical Working of Material” u/s 206C of Income Tax Act: Madras HC [Read Order]

In a recent decision the Madras High Court observed that mere opening, breaking or uncorking of liquor bottle by twisting seal not amounts to “scrap” from “mechanical working of material” under...

TCS Rates under Income Tax Act for AY 2024-25 or FY 2023-24

The Tax Collection at Source or TCS is an extra amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the...

Lack of Identical Income Tax Rule not ground for Denial of Legitimate TCS Claim: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the lack of identical income tax rule is not a valid ground for denial of legitimate Tax collection at source (TCS)...

Assessee failed to file Form 27C and TCS exempted on Sale of Scrap, liable to Tax u/s 206C: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that tax liability under section 206 C of the Income Tax Act,1961 will arise when the assessee failed to file Form 27C and...

TCS on Overseas Tour Program Packages Not Applicable to Non-Resident Buyers: CBDT [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified that the provisions of section 206C (1G) of the Income Tax Act, 1961 provides for collection of tax by a seller of an overseas tour program...