No. You need to obtain a TAN if you are responsible for TDS or TCS deductions. You cannot enter the PAN in places where TAN is necessitated. However, a person who has to deduct tax under Section 194-IA of the Income Tax Act does not have to obtain TAN, rather he or she can use ...
A GST number is also important to avoid penalties for non-compliance with the GST Act. If a person is liable to register under GST but fails to do so, he or she may face a penalty of 10% of the tax due or Rs. 10,000, whichever is higher. Similarly, if a person collects GST fr...
A GST refund is a claim to reclaim excess taxes paid by a taxpayer for various reasons, such as exports, excess input tax credits, or other specific circumstances. Businesses must file claims for GST refunds to protect their finances and guarantee that they are adhering to tax laws. The obje...
India localization is available with the following features:Withholding tax, including TDS and TCS. Fixed assets, including depreciation as per the Companies act, depreciation as per the Income tax act, and special depreciation. Value-added tax (VAT). Custom duty and India Goods and Ser...
Tax (India) Enable to include tax collection at source (TCS) in the total invoice value of an invoice If this feature is enabled, the user will be able to include TCS (Tax collection at source) tax amount in the total invoice value of the sales and purchase invoice.Features...
You can now include your TCS details, such as TCS tax name, percentage, and nature of collection, when importing and exporting your quotes, sales orders, or purchase orders. 28 February 2024 Enhanced Item Search Use our enhanced Item Search feature to find items in the item table of a tran...
Are you liable to pay advance tax? Key points to know Summary: Section 208 of the Income Tax Act, 1961 mandates the payment of “advance tax” for every individual. Know what is advance tax and how is it calculated. 18 Jun 2022 by Team FinFIRST If your tax liability exceeds ₹10...
“In this world nothing is certain but death and taxes”said Benjamin Franklin (Founding father of USA and face on America’s One hundred dollar bill/note). Overview of Advance Tax Advance tax, as the name implies, is the tax that one pays in advance. Advance tax is the income tax that...
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it easily. When you create an invoice for a sale, the TCS field will be shown in the section below the item table, where you can create a TCS tax rate and apply it to the transaction. Zoho Books will automatically calculate the TCS amount based on the invoice amount and ...