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Tax Collected at Source (TCS)

TCS Rate Change Latest Update: Income Tax Department applies 1% TCS on Rs 10 lakh-plus purchase of these items; check list

TCS Rate Change Latest Update: Income Tax Department applies 1% T...

Wed, Apr 23, 2025

The tax will also be applied on the purchase of yachts, helicopters, rowing boats, and canoes. Other items include sunglasses, handbags, purses, shoes sportswear, equipment like golf kits, ski gear.

A step-by-step guide to apply for PAN using Form 49A, check all details

A step-by-step guide to apply for PAN using Form 49A, check all d...

Thu, Jun 20, 2024

A PAN enables the department to link all transactions of the “person” with the department, keeps an eye on every transaction done by the individual, and records it. It acts as an identifier for the “person” with the tax department.

Domestic tour operators welcome govt move to defer hike in TCS on overseas packages

Domestic tour operators welcome govt move to defer hike in TCS on...

Thu, Jun 29, 2023

Domestic tour operators on Thursday welcomed the government's move to defer hike in tax collection at source on overseas tour packages till September 30 calling but reiterated that it should be bro

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Increased TCS rates to apply from Oct 1; no TCS on foreign remittances of up to Rs 7 lakh in a financial year: Finance Ministry

Increased TCS rates to apply from Oct 1; no TCS on foreign remitt...

Wed, Jun 28, 2023

The Ministry informed that transactions through international credit cards, while being overseas, would not be counted as LRS and hence would not be subject to TCS.

TCS levy: Credit card holders may have to file declaration with banks

TCS levy: Credit card holders may have to file declaration with b...

Tue, Jun 20, 2023

The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent Tax Collection at Source (TCS) would be levied, they added.

Govt attempting to link tax collected at source with TDS: CEA Anantha Nageswaran

Govt attempting to link tax collected at source with TDS: CEA Ana...

Fri, May 26, 2023

The government is trying to link tax collected at source (TCS) for payments made by individuals with tax deducted from their income sources (TDS), a move that will help in ensuring cash flows of th

No TCS on overseas payment through international credit, debit cards: Finance Ministry

No TCS on overseas payment through international credit, debit ca...

Fri, May 19, 2023

Facing backlash from a wide section of people, the Finance Ministry said the move is aimed at removing procedural ambiguity with regard to Liberalised Remittance Scheme (LRS) and the levying of Tax Collected at Source (TCS).

International credit card spend exempted under RBI's remittance scheme within annual limit

International credit card spend exempted under RBI's remitta...

Thu, May 18, 2023

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

ITR filing: How to file Income Tax Return without Form 16 - Explained

ITR filing: How to file Income Tax Return without Form 16 - Expla...

Thu, Jul 21, 2022

ITR filing last date: This year's deadline to file the ITR without any fine or penalty is July 31.

New TCS provisions: Finance Ministry issues clarifications on Tax Collection at Source doubts

New TCS provisions: Finance Ministry issues clarifications on Tax...

Thu, Oct 01, 2020

In a major development, Ministry of Finance has issued a clarification on doubts arising on account of new Tax Collection at Source (TCS) provisions.

Taxpayers Alert! ITR filing, TDS certificate and much more; Forget these July deadlines at your cost

Taxpayers Alert! ITR filing, TDS certificate and much more; Forge...

Tue, Jul 02, 2019

With July 2019 kicking in, it will be a very busy month for Income-Tax return (ITR) filers and other taxpayers either, be it individuals or corporates.

June 2019 Tax Calendar: Remember these 5 important dates - From TDS, TCS to filing ITR, all details here

June 2019 Tax Calendar: Remember these 5 important dates - From T...

Mon, May 27, 2019

An individual or company is needed to communicate their incomes and gains in a statement to the department.ze

Income Tax return filing: What is the importance of Form 26AS and how to view it

Income Tax return filing: What is the importance of Form 26AS and...

Fri, May 17, 2019

There are five section in Form 26AS each depending upon the category of deductions and taxes paid.

Planning to buy a luxury car, jewellery this year? Here's good news for you

Planning to buy a luxury car, jewellery this year? Here's go...

Sun, Mar 10, 2019

In a relief to buyers of high-value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability.

GST: Tax deducted at source (TDS), tax collected at source (TCS) provisions kept in abeyance

GST: Tax deducted at source (TDS), tax collected at source (TCS)...

Wed, Jun 27, 2018

A senior revenue official said the GST Implementation Committee (GIC), headed by the revenue secretary, has decided to keep in abeyance the TDS/TCS provision and GST by way of RCM by another three months.

Tax Collected at Source to be levied above Rs 2 lakh only if payment in cash: CBDT

Tax Collected at Source to be levied above Rs 2 lakh only if paym...

Mon, Jun 27, 2016

The Income Tax Department has been levying 1% TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh.

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