TCS provisions u/s 206C(1G) and 206C(1H)] Topic 2 - Penalty, Prosecution and Compounding procedures under TDS/ TCS regime [Delayed filing of returns/ Delayed payment of taxes; Interest u/s 201 and 201(1A) etc.] Topic 3 - TDS under Section 195 on payments made to Non-Residents [DT...
New TDS and TCS payment and information reporting systemjyotiEmail thisPrint this
As per section 206C (1H) TCS should be collected at the time of receipt of payment from customer in view of this interim accounting is introduced for this feature. Where TCS amount will be posted to interim account and added to invoice value at th...
TDS and TCS are two of the most significant sources of income for the government. And, it’s crucial for businesses to make such on-time tax payments to avoid penalties and stay compliant. Read as we take a deep dive into the difference between TDS and TCS and their importance for ...
PAN-based accumulation of transactions for multiple customersIn the case of TCS on sales of goods, TCS will be deducted based on PANs. If multiple customers have the same PAN, all transactions by those customers will be accumulated and compared to the threshold that is prescri...
Here is the detailed article on TDS & TCS under the GST law – a complete guide to understand the latest provisions & implementation of the same.
The following topics provide information about setting up Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) in Accounts payable. (IND) Set up a payment fee type for TCS authority payments (IND) Define withholding tax information for vendors ...
To generate an electronic file for these statements, you must select the Generate file check box and browse to the location where the file should be saved before you print the statement. For more information, see (IND) Generate 26Q or 27Q quarterly statements for TDS or (IND...
Initially for the new TCS provision following interpretations were made by the experts : (a) Tax to be collected when both the amount of sale and the amount received as sale consideration exceeds Rs. 50 lakhs during the previous year;
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