Articles by CA.R.S.KALRA

Section 206CC | Mandatory Requirement of Furnishing PAN

CA.R.S.KALRA 24 March 2021 at 09:54

Section 206CC provides that any person whose payments are subject to TCS shall mandatorily furnish his PAN to the collector, failing which, the collector shall collect TCS at the prescribed rate.

Section 206C | Tax Collection at Source

CA.R.S.KALRA 23 March 2021 at 09:44

TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the act governs the goods on which the seller has to collect tax from the purchasers.

Section 206AA | Mandatory Requirement of Furnishing PAN

CA.R.S.KALRA 18 March 2021 at 09:49

Section 206AA has been inserted to provide that any person whose receipts are subject to TDS i.e. the deductee, shall mandatorily furnish his PAN to the deductor, failing which the deductor shall deduct TDS at the specified rate.

Section 203A | Tax Deduction and Collection Account Number

CA.R.S.KALRA 17 March 2021 at 10:03

Under the provisions of section 203A of the Act, every person deducting tax or collecting tax is required to obtain TAN and quote the same for reporting of tax deduction/collection to the Income-tax Department.

Section 201 | Consequences of Non-Compliance to TDS

CA.R.S.KALRA 16 March 2021 at 09:46

As per section 201 of the Income Tax Act, if a deductor fails to deduct TDS or after deducting the same fails to deposit it to the Government's account then he shall be deemed to be an assessee-in-default and liable for consequences discussed in this article.

Section 200A | Processing of statements of TDS

CA.R.S.KALRA 15 March 2021 at 09:54

Discussing Section 200A of the Income Tax Act which lays down the provision for Processing of Statements of TDS and rules on how such a statement is processed. ..

Section 203 | TDS Certificate

CA.R.S.KALRA 13 March 2021 at 09:59

Every person deducting tax at source is required as per Section 203 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars.

Section 200(3) | Forms And Time Limit For Submitting Quarterly Statement of Tax Deduction (TDS Returns)

CA.R.S.KALRA 12 March 2021 at 09:50

Discussing Section 200(3) of the Income Tax Act which deals with the Forms And Time Limit For Submitting Quarterly Statement of Tax Deduction (TDS Returns).

Section 200(1) & (2) | Time Limit for Deposit of TDS

CA.R.S.KALRA 11 March 2021 at 09:47

Discussing the time limit for depositing tax deducted at source to the central government as per different situations u/s 200(1) & (2) of the Income Tax Act.

Section 199 | Credit For Tax Deducted

CA.R.S.KALRA 10 March 2021 at 09:47

In pursuance of rules framed under section 199 of the Income Tax act, credit for tax deducted at source shall be given to the deductee for the assessment year for which such income is assessable.