WebApr 7, 2024 · A penalty will not be imposed under Section 271H of the Income Tax Act if TDS/TCS returns are not filed by the due date if the following criteria are met: The TDS/TCS is paid to the government. One year after the due date, the TDS/TCS return is submitted. Any applicable interest and late filing costs have been paid to the government's credit. WebApr 13, 2024 · Tax Collected at Source is the amount collected by the seller of specified goods from the buyer at the time of sale, over and above the sale amount, and is remitted to the government account. TCS follows the principle of “COLLECT AS YOU EARN”. To understand the concept of TCS better, let us take an example of X Good that costs Rs.100.
GST TDS and GST TCS on Customer Payments - Business …
WebApr 15, 2024 · The basic difference between TDS and TCS in GST lies in their applicability, the threshold limits beyond which they are applicable, the rates of deduction and collection, the due date for depositing the tax collected, and so on. TDS Under GST: TDS under GST is applicable when the sale of goods or services exceeds Rs.2.5 Lakhs. WebApr 13, 2024 · This group of taxpayers will not be allowed to record invoices that are more than 7 days old on the reporting date. This means an invoice dated April 1, 2024, cannot … hire georgia
Kerala HC: No Tax Penalty U/S 271C On Delay of TDS, Already …
WebFeb 18, 2024 · One of those situations is when interest is levied on late adjustment of tax deducted at source (TDS) credit and tax collected at source (TCS) credit while filing of goods and services tax (GST) returns. Due to the hyper-technical nature of discussions related to the issue being addressed, an attempt has been made to first explain the outline … WebAccounts Payable & Statutory Work / Account Receivable / MIS Reporting / TDS / Service Tax / Sale Tax / TDS /GST / Bookkeeping / Making internal Control / Management Reporting / … WebMar 8, 2024 · Therefore, CBDT must issue clarification about this issue. However, the Advance threshold feature in Finance provides an option to include or exclude “other taxes including GST” for TDS or TCS calculation. Under the withholding tax group, you can exclude GST tax for TDS calculation. Set up TDS under section 194 Q hire gear leicester