TCS full form and definition in Taxation.

• Non Tax Audit individuals / HUF Assesses paying rent exceeding Rs 50,000/- to deduct TDS @ 5% once in a year through Challan cum return statement, without procuring TAN.
• Any person paying consideration (other than in kind) under Joint Development Agreement shall deduct tax @ 10 %.
• In case of TCS:

1. Person paying – [Payer], to give PAN Number to person responsible for collecting TCS [Collector], failing which tax shall be collected @ twice the rate or at 5% Which ever Is High.
2. Declaration filed U/s.206C(1A) [TCS not to be made for specified goods – If it is not for trading purposes] is invalid unless payer furnishes his PAN
3. Mandatory quoting of PAN by both collector and payer in all correspondence, bills and vouchers

1. Under the existing provisions of section 194-I, any Individual or HUF making payment of rent beyond the threshold limit and who are required to get their accounts audited under section 44AB are liable to deduct tax at source at the rates specified, either at the time of credit or payment, whichever is earlier.
2. In order to widen the scope of tax deduction at source, section 194-IB is proposed to be inserted to provide that any individual or HUF (other than those required to get their accounts audited under section 44AB), making payment of rent exceeding Rs. 50,000 per month or part of the month shall deduct tax on such payments @ 5%.
3. Such tax is to be deducted either at the time of credit or payment, whichever is earlier, once in a previous year, i.e., either from rent for the last month of the previous year or from the last month of tenancy.
4. In order to reduce the compliance burden, it is further proposed that the deductor is not required to obtain TAN as per section 203A of the Act.
5. Where tax is to be deducted as per the provisions of section 206AA, such deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may be.

1. It is proposed to insert new section 194-IC in the Act to provide that in case any monetary consideration is payable under a specified agreement referred to in sub-section (5A) of section 45, i.e., a registered agreement in which a person owning land or building or both agrees to allow another person to develop a real estate project on such land or building or both, then the monetary consideration other than the consideration in kind, viz. share in land or building or both, shall be subject to TDS @ 10%.

1. As per the existing provisions of section 194J, payment exceeding Rs.30,000 to a resident by way of fees for professional or technical services is subject to TDS @10%.
2. F It is proposed to insert fourth proviso in section 194J to provide that in case of payee engaged only in the business of operation of call center, tax shall be deducted @ 2% instead of 10%.

1. Under the existing provision of section 194LA, any person paying compensation on account of compulsory acquisition of any immovable property (other than agricultural land ) is required to deduct tax @10% on such compensation.
2. The Central Government has enacted a new law, namely, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, ('RFCTLARR Act') on 26th September, 2013 w.e.f. 1st January, 2014. Section 96 of the RFCTLARR Act provides that income-tax shall not be levied on compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFTCLARR Act).
3. It is proposed to insert proviso to section 194LA to provide that no tax shall be deducted in case of payment made in respect of any award or agreement which has been exempted from levy of income-tax under section 96 (except those made under section 46) of RFCTLARR Act.

1. As per section 194LC any Indian company or Business Trust responsible to pay any income, before the 1st day of July, 2017, to a non-resident by way of interest, on monies borrowed either under a loan agreement or by issue of long term bond including long-term infrastructure bond, is required to deduct tax thereon at the concessional rate of 5%.
2. As per section 194LD any person responsible for paying any income, before the 1st day of July, 2017, to Foreign Institutional Investor or Qualified Foreign Investor by way of interest on a Government security or rupee denominated bond of an Indian company is required to deduct tax thereon at the concessional rate of 5%.
3. In order to continue to provide the benefit of concessional rate of tax, it is proposed to extend the time limit from 1st day of July, 2017 to 1st day of July, 2020.
4. The benefit of concessional rate of tax withholding under section 194LC of the Act is also proposed to be extended to monies borrowed by an Indian company in rupee denominated bonds (popularly known as ‘Masala Bonds’) before the 1st day of July, 2020. This provision is retrospectively effective from 01.04.2016.

1. In terms of the proposed amendment, benefit of non-deduction of tax by providing declaration in Form 15G/15H to the effect that there would be nil tax on total income after including such income, has now been extended to income in the nature of insurance commission.

1. In terms of the proposed amendment, new clause (iii) is to be inserted in Explanation to section 206C to provide that ‘buyer’ in terms of sub- section (1F) (relating to sale of motor vehicles having value exceeding Rs.10 Lakhs) does not include the following persons:

• - Central Government, State Government, Embassy, High Commission, legation, commission, consulate and the trade representations of a foreign State;
• - Local authority as defined in Explanation to clause (20) of section 10; or
• - Public sector company which is engaged in the business of carrying passengers.

1. Under the existing provisions of the Act, there is no provision which mandates necessary quoting of PAN by the persons making payment of any amount on which provisions of section 206C of the Act apply.
2. As a consequence, the collectee who does not furnish PAN or furnishes incorrect PAN still remains outside the ambit of tax authorities.
3. In order to prevent leakage of tax, it is proposed to insert section 206CC to provide for necessary furnishing of valid PAN by collectee failing which the tax shall be collected at the higher of the following rates:

• twice the rate specified in the relevant provision; or
• 5%

• Tax Deduction at Source (TDS)
• Tax Collection at Source (TCS)
• Advance Tax
• Income Tax
• Registrar of Companies (ROC)
• Excise Duty
• Service Tax
• Employee State Insurance (ESI)
• Provident Fund (PF)
• Value Added Tax (VAT)
• Professional Tax (PT)
• Entry Tax
• Entertainment Tax
• Luxury Tax

• TDS/TCS Challan Payment Date (when TDS Return filing time, this payment date is useful)
• TDS/TCS Challan Serial No: (when TDS Return filing time, this serial no is useful)
• TDS/TCS received date by the Income tax dept
• TDS/TCS Challan Amount etc.,

• Challan payment date
• Challan serial no
• Head of payment
• Nature of Payment etc.,

1. ​​Return in respect of securities transaction tax for the financial year 2014-15
2. ​​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2015​
3. ​​Report by an approved institution/public sector company under Section 35AC(4)/(5) for the year ending March 31, 2015​
4. ​​Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2014-15. This statement is required to be furnished to the unit holders in form No. 64B [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]

• The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at leastone correction for the relevant statement has been processed by CPC (TDS).

• Enhanced features has been enabled "without Digital Signature" for Financial Year 2012-13 onwards, however, Digital Signature will be required for PAN Correction.

• Tag/Replace Challan has been enabled on TRACES.

• Deductor can close all those demands which are not generated by TDSCPC through Tag/Replace Challan.

• The Refund functionality is now enabled on TRACES under 'Statement / Payment -> Request for Refund'

• Deductor can submit Refund request only with a valid Digital Signature registered on TRACES for Authorised Person.

• Tax payers can make payment of demand raised by CPC - TDS against TDS on Sale of Property has been enabled on TIN-NSDL . You can make payment by entering PAN of Seller, PAN of Buyer, Acknowledgement Number, Assessment Year.

• Details of manual and processed demands based on financial year are now available through a link on TRACES deductor dashboard.

• The original statement will be put on hold for 7 days if Challan Mismatch / Challan Overbooked / PAN Errors has been identified in the preliminary check. Please make online correction to correct Challan Mismatch / Challan Overbooked / Pan Errors so that your statement is not processed for defaults.

• CPC (TDS) prompts you to first close the Short payment defaults before submission of request for download of TDS Certificates (Forms 16/ 16A). Short Payment default that can be closed by Online Correction displayed when submitting request of Form 16 / 16A