Tax Collected at Source (TCS) was originally introduced under Section 206C of the Income Tax Act, 1961. It was applicable on the sale of specific goods and on transactions between specific entities as defined by the act. In the past year, the Government of India introduced new...
Dear sauravim asking only from the income tax perspective. my query is regarding the under income tax act.I anaysed this. i got the answer tcs to be paid on the value including the taxesrefer case law - Vinod Rathore Vs UOI 2005 MP HCthank u all for ur valuables inputs Saurav...
Tax Collection at Source or TCS, as the name implies, means collection of tax at source by the seller or collector, from the buyer of the goods. As prescribed under Income Tax Act 1961, it is mandatory on the part of the buyer to pay a predetermined value of TCS to the seller, ...
But if the same goods are used for trading purposes, then taxes will be levied. The tax payable is collected by the seller at the point of sale. The rate of TCS is different for goods specified under different categories : Type of Goods or transactionsRate ...
GST is an acronym fortax deduction at source and tax collection at source. ... TDS and TCS under GST came into effect from 1st October 2018. TDS refers to the tax which is deducted when the buyer of goods or services, such as government departments, makes payments under a business ...
1% SGST (State Goods and Services Tax) or 2% IGST (Integrated Goods and Services Tax) The bifurcation ofCGST, SGST, or IGSTdepends on the nature of the transaction, whether it is an intrastate or interstate supply. Limit for Deducting TDS under GST ...
Economic growth was led by the tertiary sector (2.4 percent of the 4.6 percent posted during the period under review). The tertiary sector contribution is all the more remarkable in that it remained relatively stable from year to year. The primary sector contribution was more modest (1.6 ...
notion of ‘pay as you earn’ and ‘collect when it is earned’, as a result of which, the collection of tax is brought forward. As per the Income Tax Act, any payment on certain expenses, which falls under the ambit of TDS, are to be paid after the deduction of specified ...