TDS (Tax Deducted at Source) is a mechanism under Goods and Services Tax (GST) in which the payer deducts a specified percentage of tax from the payment made to the recipient. The payer then deposits this tax amount with the government. TCS (Tax Collected at Source) is another provision ...
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...
Under GST, the main TCS deductors are the e-commerce aggregators, who are made responsible for deducting and depositing TCS at the rate of 2% from each of the transaction. What rules do TCS deductors need to follow under GST? Take mandatory GST registration – which is true both for per...
The aggregate of TDS and TCS in this case is 50,000 Indian rupees (Rs. 50,000) or more in each of the two previous years. The specified person isn't a non-resident who doesn't have a permanent establishment in India.Additionally, section 206AB doesn't apply in cases where th...
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Under section 194Q, TDS doesn't have to be deducted on a transaction if it's deducted under any other section of the Income Tax Act, unless TCS is collected under section 206(c)(1H) of the Act. If the seller is liable to collect TCS under section 206(c)(1H), and the buyer is ...
Recommended: Due Dates for E-Filing of TDS and TCS Return Steps to File TDS Revised Return Facing the issues in amending the TDS return below is the mentioned process to furnish the TDS revised return. Step 1: Request for Conso File from Traces Portal Login to Traces Post to login you ca...
To set up GST TDS/TCS See Also This topic explains the requirement and the process of setting up GST TDS and GST TCS. GST TDS As per Section 51 of CGST Act, recipient of goods and services shall deduct TDS of 2% on payment amount where contract amount exceeds INR 250000. ...
TDS Challan 281 must be deposited by corporates and non-corporate businesses while paying TDS and TCS (Tax Collected at Source). TDS for company deductee vs non-company deductee While paying TDS, you need to select either of the two - (0020) Company deductee -if TDS is deducted against ...
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 ...