Denial of Tax Collected at Source (TCS) credit u/s 206C(1C) - ...

October 28, 2016

Case Laws Income Tax AT

Denial of Tax Collected at Source (TCS) credit u/s 206C(1C) - denial of credit tantamount to confiscating assessee's tax for which corresponding income is included in its taxable income - AT

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Denial of Tax Collected at Source (TCS) credit u/s 206C(1C) - ...

October 28, 2016

Case Laws Income Tax AT

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This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments...

Non-collection of TCS u/s 206C - there is no ambiguity that the seller of forest product is required to collect tax on forest produce. But the “Minor Forest Product” are...

Demand u/s 206C(1)/206C(7) - TCS - 206C(1A) mandates person responsible for TCS to not collect taxes if he obtains a declaration from the buyer that he is purchasing the...

Income Tax: The proposal aims to introduce a provision in Section 206C of the Income Tax Act to allow the Board to notify rules for cases where credit of tax collected...

Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government...

TCS u/s 206C - Board (PDBI) falls under the definition of Licensor and has acted as a Grantor of the licensee /contract for toll plaza operation / Toll roads - liable to...

TCS - Time and mode of payment to Government account of tax collected at source under section 206C.

Liability to collect TCS - activities of collecting toll fees as entrusted by the assessee was not a contract within the meaning of section 206C and will not attract...

Collection of tax at source (TCS) u/s. 206C - compounding fees received from persons involved in illegal mining and transportation of minerals - The assessee failed to...

TCS u/s 206C - If no amount of toll fees is recovered by NHAI to be remitted to the consolidated fund of India or otherwise then naturally the impugned deposits of toll...

The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at...

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

Increased TCS rates to apply from 1st October, 2023 - Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)

TCS on Scrap - section 206C - there is no requirement that the goods to be eligible for scrap should be produced/manufacture by the seller itself. - In present...

Failure to collect tax at source (TCS) u/s on the sales - whether the material is scrap or not - assessee failed to collect TCS @ 1% - Since taxes have already been paid...

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