In such cases, we will also comply with any additional restrictions imposed by the region in which your data was collected as well as the source of the data. TCS may also collect data from our email and calendar systems concerning interactions between TCS associates and contacts or third ...
TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which iscollectedby sellers while selling something to buyers. ... TCS deduction is applicable on sales of goods like timber, scrap, mineral wood...
Section 206C of the Income Tax Act says that when certain specified goods are sold, a certain amount must be added to their sale price – this is TCS, or Tax Collected at Source. The seller imposes this amount on the buyer and then has to deposit it with the government by a certain ...
Value that GST TCS must be deducted onFor the deduction of TCS, the net value of taxable supplies from another supplier is considered when the tax that must be collected is calculated. If the invoice value includes GST, the tax amount can be excluded....
As per new TCS rules, TCS is to be collected on receipt of payment that is over and above the threshold amount, the threshold amount is INR 50,00,000. User will receive payment from customer for sales of goods and services, TCS is to be calculated on receipt of payment for sale ...
TCS is calculated after adjusting the TCS amount which was earlier calculated on advance payment. TCS to be calculated on non-resident customer invoice in foreign currency For example, invoice has been raised to foreign customer for USD 10,000 on which 1% TCS is applicable for Nature of colle...
The amount collected by an ecommerce operator as GST TCS must be remitted with the Government before 10 days after the end of the month in which the particular amount was collected. This exercise allows the government to track non-reporting of sales transactions by E-commerce sellers. E.g....
(herein referred to as deductee) to a “specified person” who has not filed the returns of income for both of the 2 Assessment Years relevant to the 2 Previous Years which are immediately before the Previous year in which tax is required to be deducted or collected, a...
TCS shall be deposited within 10 days from the end of the month in which tax is collected. 6. Which return you need to file for TCS? The person collecting tax is required to file a TCS return in formGSTR-8within 10 days from the end of the month. ...
Displays the party name from where TCS has been collected, and for which the payment is yet to be made. Opening Amount Displays the opening amount of TCS. Pending Amount Displays the pending amount of payment to be made to the government. Due On Displays the last date of payment. Overdue...