Its per transection
Friends
I have 2 questions on this topic --
1) Is the collector required to obtain a tax collection account number where it is having a TAN for tax deduction account number
2) Is there any notification for exempting certain class of buyers on date ie 11/07/16 as the section provides so.
Regards,
Dipjyoti
Friends
I have 2 questions on this topic --
1) Is the collector required to obtain a tax collection account number where it is having a TAN for tax deduction account number
2) Is there any notification for exempting certain class of buyers on date ie 11/07/16 as the section provides so.
Regards,
Dipjyoti
Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) can be done through the same TAN. You do not need different TANs for different types of transactions
FAQs - Tax Deduction and Collection Account Number (TAN)
Q) Is a separate TAN required to be obtained for the purpose of Tax collection at Source?
Ans. In case a TAN has already been allotted, no separate application needs to be made for obtaining TAN. The same number can be quoted in all returns, challans and certificates for TCS. However, if no TAN has been allotted, a duly filled in Form 49B, alongwith the application fees is to be submitted at any TIN-FC.
Nil rate /Exemption: Section 206C (1A)/ (1B)
Notwithstanding anything contained in sub section (1) of section 206C, No tax shall be deducted from a buyer(resident in India) who purchases specified goods not for the purpose of trading but for the manufacturing, processing, or production of goods/article or thing and gives a declaration in duplicate in Form 27C to the seller. The seller shall deliver one copy, form 27C collected from buyer, to Chief Commissioner/ Commissioner of Income tax
CAclubindia
