30th July – Due date of issuing TCS certificate for Quarter 1 of Financial Year 2025-2026 31st July – Due date of filing TDS Returns…
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Category: TCS
Tax Collected at Source
TDS / TCS Non-Compliance: Costs, Risks and Prevention
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of India’s tax system to ensure better tax compliance and reduce…
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TDS / TCS – Annual Compliance Calendar
TDS / TCS – Deposit & Filing of Returns TDS / TCS – deductions / collections during the course of the month needs to be…
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TDS / TCS Compliance Simplified: Common Pitfalls and How to Avoid Them
Tax Deducted at Source (TDS) & Tax Collected at Source (TCS) compliance is a crucial responsibility for all deductors and collectors. While the process is…
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Section 206C(1G): TCS on Foreign Remittances and Tour Packages
Section 206C(1G) of the Income Tax Act, 1961 mandates tax collection at source on specified foreign transactions. It applies when an authorized dealer receives funds…
View More Section 206C(1G): TCS on Foreign Remittances and Tour PackagesSection 206C(1F): TCS on Sale of Motor Vehicles and Luxury Goods
Section 206C(1F) of the Income Tax Act, 1961 requires sellers to collect tax at source (TCS) on the sale of motor vehicles exceeding a prescribed…
View More Section 206C(1F): TCS on Sale of Motor Vehicles and Luxury GoodsSection 206C(1E): TCS on Cash Receipts for Goods and Services
Section 206C(1E) of the Income Tax Act, 1961 requires collection of tax at source (TCS) on high-value cash receipts arising from the sale of goods…
View More Section 206C(1E): TCS on Cash Receipts for Goods and ServicesScope of TCS widened for Luxury Goods
In the Budget of FY:24-25, the scope of including more luxury items beyond motor cars was announced with the option to notify additions from time…
View More Scope of TCS widened for Luxury GoodsNew File Validation Utilities (FVUs) Version 9.2 & 2.188 released on 4th July, 2025
The latest versions of the File Validation Utilities (FVUs) have been released. The key updates are summarized as under: 1. Omission of Existing Flags/Remarks Remark…
View More New File Validation Utilities (FVUs) Version 9.2 & 2.188 released on 4th July, 2025Section 206C(1) of the Income Tax Act: Tax Collection at Source (TCS)
Section 206C(1) of the Income Tax Act, 1961 mandates the collection of tax at source (TCS) by sellers related to specific goods. It applies at…
View More Section 206C(1) of the Income Tax Act: Tax Collection at Source (TCS)