TCS on Sale of Goods/Services of value exceeding Rs. 2 Lakhs “Every person, being a seller, who receives any amount in cash as consideration for sale of bullion 35[***] or jewellery, or any goods (other than bullion or jwellery) shall, at the time of receipt of such amount in cash, collect from the buyer, a […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
While the Income Tax Department is often known for its rigorous tax collection practices, it also provides certain relief measures to taxpayers who incur losses. These measures, known as “Set Off” or “Carry Forward and Set Off” provisions, allow taxpayers to offset their losses against future income, subject to specific conditions and restrictions. Let’s delve […]
Internal financial control (IFC) What is Internal Financial Control (IFC)? (Sec 134) As per Section 134 of the Companies Act 2013, the term ‘Internal Financial Controls’ means the policies and procedures adopted by the company for ensuring:
TCS on sale of Goods and Services Section 206C Tax Collected at Source: “TCS is the Tax Collected at Source by the seller (collector) from the buyer(collectee)”. Every person, being a seller, shall collect tax at source (TCS) from the buyer of goods specified in section 206 C (1).
How to get proper credit of taxes paid by you? Do’s for Taxpayers (A) The possible reasons for no credit being displayed in your Form 26AS can be: 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/ collector;