TCS on Sale of Goods under Income Tax Act, 1961 w.e.f. 01st October, 2020
Posted on September 30, 2020
by
by
For TCS on Sale of goods, sub-section (1H) was inserted in Section 206C by Finance Act, 2020 and is made effective with effect from 01st October, 2020.
Under this provision , TCS is required to be made at the time of receipt of Sales Consideration.
To know all about applicability of TCS on Sales of Goods U/s 206C(1H) of Income Tax Act, 1961 along with the latest guidelines issued by CBDT vide its circular No. 17 of 2020 dated 29th September, 2020 and our own suggestions, click on following link
To download the Circular No. 17 of 2020 dated 29-09-2020, click below
Important Links
- Income Tax
- Income Tax E-filing
- TDS / TCS (Traces)
- Delhi Sales Tax
- Uttarakhand Sales Tax
- Haryana Sales Tax
- Rajasthan Sales Tax
- Central Excise, Customs & Service Tax
- Registrar of Companies (ROC) / MCA
- Limited Liability Partnership
- Reserve Bank of India
- Institute of Chartered Accountant of India
- Institute of Company Secretary of India
- Institute of Cost Accountants of India
Latest Updates
Applicability of TDS U/s 194Q and TCS U/s 206C(1H) of Income Tax Act
June 8, 2021Special provision for Deduction of Tax at Source (TDS) & Tax Collection at Source (TCS) at Higher Rate for non-filers of Income Tax Return – Section 206AB & Section 206CCA
Analysis of GST Notifications issued on date 01st June 2021
June 2, 2021Income Tax Circular No. 9/2021 : Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
Applicability of E-Invoicing under GST w.e.f. 01st April, 2021
March 16, 2021