Web30 Jun 2024 · In the section, it is provided that if TDS is deducted on the transaction under any other section of the Income-tax Act (Other than TCS collected under section 206 (c) (1H) of the act then TDS is not required to be deducted on the transaction. Websection (I-I) of section 206C of tile Income-tax Act, 1961 - reg. Finance Act, 2024 inselted a new secti on 194-0 in the Income-tax Act 1961 (hereinafter referred to as "the Act") which …
TCS under Section 206C(1H) Effective from 01.10.2024 - TaxGuru
Web7 Feb 2024 · TCS under Section 206C (1h) is applicable on all supply of goods except Timber, Tendu leaves, forest products, scrap, minerals i.e. Iron ore etc., because such goods are already covered under TCS as per Sub-Section (1), Sub-section (1C), Sub-Section (1F) and Sub-section (1G) of section WebSection 206C of Income Tax Act 1961 amended by Finance Act 2024 and IT Rules. Profit from business of alcoholic liquor, forest produce, scrap Amended and updated notes on section 206C of Income Tax Act 1961 as amended … business development specialist pay
TCS On sale of Goods- New Income Tax Compliance w.e.f …
Web31 Mar 2024 · Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the buyers. Such persons must have the Tax Collection Account Number to be able to collect TCS. Goods covered under TCS provisions and … Web7 Oct 2024 · TCS is not applicable if the buyer is liable to deduct TDS under Sub-section (1) (1C) (1F and (1G) of section 206 of the Income Tax Act 1962. Threshold limit to apply for TCS is Rs.10 cr. For the purpose of calculation of TCS this threshold of Rs.50 lakhs of supply of goods. The receipts from the beginning of the financial year. Web22 Dec 2024 · As Section 206 (1H) is Applicable from 1st of October 2024, only amount received for sales made after 1st October 2024 is liable for TCS. In short TCS will not be applicable on amount outstanding as on 30th September 2024. 4. Is GST needs to be included in amount while calculating value for TCS ? business development software free