The following table highlights the applicable provisions and implications of non-compliance with TDS / TCS requirements, including failure to deduct, collect or deposit tax : Nature of Default Old Section… 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 »
A TAN holder who fails to collect whole or any part of the tax at source is treated as an assessee-in-default. But, as per provision in section 206C(6A) the TAN… Read more »
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