Under section 194Q, the point of taxation for the buyer is the invoice amount that is credited to the account of the seller, or the payment that is made to the seller (whichever occurs earlier). The TDS amount must be deducted on the amount that exceeds the threshold limit. For example...
Step 1: Request for Conso File from Traces Portal Login to Traces Post to login you can see several tabs on the home screen. Go to the statements or payment tab, Go to urge for conso file. You then opt for the FY, quarter, and Form to which the return shall be amended. Tap on ...
TCS is the tax collected by the seller. When a purchaser purchases some products or commodities, the seller takes the tax from the buyer via the TCS route This TCS is received when the purchaser makes payment either in cash, cheque, credit, demand draft or through any other payment mode. ...
New revise TDS/TCS due date for filing Return and Payment for the year 2020 key features of TCS on goods sale section-206c New TDS deduction No cash transactions exceeding 1 Crore -Section 194N Extention of TDS/TCS statement filing Date TDS payment to resident contractors Consequences of not...
Type of payment – TDS/TCS by a taxpayer or TDS/TCS by regular assessment The nature of payment The mode of payment – net banking or debit card TAN numberand assessment year Address, email ID and contact number 5. Then enter the captcha code>> click on ‘Proceed’ ...
203A of the Income-tax Act.It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. Failure to apply for TAN or comply with any of the other provisions of the section attracts a penalty of Rs. 10,000/-...
Under section 194Q, the point of taxation for the buyer is the invoice amount that is credited to the account of the seller, or the payment that is made to the seller (whichever occurs earlier). The TDS amount must be deducted on the amount that exceeds the threshold limit. For example...
This form ought to be submitted in 30 days that are counted from the end date of the month in which the TDS has been deducted. For instance, if a transaction has occurred on the date of 14th March then from a legal perspective, Form 26QB ought to be submitted by 30th April. What ...