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 for remittance under the Liberalized… Read more »
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 threshold. Effective from 1st April 2025,… Read more »
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 or provision of services. The… Read more »
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 ‘U’ in Form 26Q, ‘J’… Read more »
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 the time of debiting the… Read more »
Section 206C(1C) of the Income Tax Act, 1961 mandates the collection of tax at source (TCS) by certain persons when they receive any amount as consideration for granting a lease,… Read more »