Additionally, you also have a special master for TCS called TCS Nature of Goods, which will help you set up important TCS details such as the Section, Payment code, TCS rates, method of TCS calculation (either realisation or accrual), and so on....
TCS groups can automatically be entered from the vendor account on a purchase transaction: In the Feature management workspace, you can enable the TCS group to automatically be entered on a purchase transaction if the TCS withholding group is attached to the vendor account.Key...
TCS on Purchase of goods deducted by vendor: In case TCS is deducted against the organization by the selling vendor, user must create separate withholding tax group “TCS on purchase of goods”. In the “Withholding tax group” under field group “Ap...
Buyerrefers to persons whose purchase of goods from a seller in the current financial year has exceeded 50 lakh rupees. However, the following buyers are exempted from being charged TCS as mentioned in sub-section 1H: the Central Government, a State Government, an embassy, a High...
TCS on Purchase of goods deducted by vendor: In case TCS is deducted against the organization by the selling vendor, the user can apply the same withholding tax group “TCS on sales of goods”. The threshold will not apply to the purchase tran...
Contract Buy: Director buys shares on the market as part of a contractual agreement. This may be to qualify for a matching award or under a regular share purchase plan. Although these are ‘on-market’ they are not considered to be indicative trades. ...
Any taxes collected in the month of March must be submitted on the 30th of April, and any taxes collected on the purchase of the property must be submitted on the 30th of the following month. Here is a table for easy understanding. ...
Can we claim TCS on car purchase? TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased wasworth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. ... However, one must...
For further details, see the section headed “Is the restricted transfer covered by ‘adequacy regulations’?” on the page on International transfers after the UK exit from the EU Implementation Period of the ICO website;6.2.2 incorporation of one of the following (as amended, supplemented or...
2.1 To make a purchase on our Website, You must have an account (hereinafter the "Account"). You can create an Account as follows: - Either by going to the "Create an Account" (or equivalent) section of the Website; - Or in the process of ordering, during the identification step. ...