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).
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.
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;
Proposed amendment to Related Party Transaction under Companies Act, 2013 INTRODUCTION 1. With an objective of addressing and resolving the ‘shoe-pinching’ issues in Companies Act, 2013 (‘the Act’), the Government on 4th June, 2015, constituted 8 members’ Company Law Committee. The said Committee was headed by Secretary, Ministry of Corporate Affairs. On 1st February, 2016, […]
Legal Heir Registration on Income Tax e-filing website A legal Heir is An individual who receives an interest in, or ownership of, land, tenements, or hereditaments from an ancestor who has died intestate, through the laws of Descent and Distribution. At Common Law, an heir was the individual appointed by law to succeed to the […]
New procedure to file TDS returns online w.ef. 01.05.16 REGISTRATION WITH E-FILING WEBSITE – FOR TDS RETURN 1. Log into ‘TRACES’ with the details of the assessee whose return is to be filed. 2. Click at ‘Register for E-filing’ option at the left corner of the ‘TRACES’ window page. 3. This will take us to […]