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TCS

Concept of TCS

We generally heard the concept TDS/TCS. But in use we generally are in touch with Tax Deduction at Source (TDS). Tax Collection at Source is a tax which is collected on sale means the seller collect tax from the buyer of specified goods in section 206C(1) in the concept TCS. The whole concept of TDS/TCS is from the income tax act Is to widen the income tax scope and to include more and more persons .....

Download Form 16 | Form 16A | TDS Certificate in Excel Format

What is Form 16 ? As you all know it is most important form and regularly used by us. It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government If you are an employee of the company (which means you are on the company’s payroll), you should receive your Form 16 by April 30 .....

Penalty for non deduction of TCS

Some of my friend says that if any person fails to deduct TCS then no penalty will be raised because section 206(C)(6) says ” Any person responsible for collecting the tax who fails to collect the tax in accordance with the provisions of this section, shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (3).”but w.e.f.1-4-2007sec 206(c)(6a) inserted and it .....