Payment of Advance Tax is another method of collection of tax by the Central Govt. in the form of Pre-paid Taxes like TDS & TCS U/s 207-211, 217 & 219. Such advance tax is in addition to deduction of tax at source (TDS) or collection of tax at source (TCS). […]
Read MoreTax Collected at Source (TCS) – Income Tax [Section 206C]
Under section 206C in some cases Tax has to be collected at source as below: Nature of Goods Percentage Rate of Tax Collection at Source(TCS) applicable Category-A (sale of the following) — A-1. Alcoholic Liquor for Human Consumption(other than Indian Made Foreign Liquor) 1% A-2. Tendu Leaves 5% A-3. Timber […]
Read MoreDeduction of Tax at Source (TDS) – Income Tax
Person responsible for making payment of income covered by the Scheme of Tax Deducted at Source (TDS) or Deduction of Tax at Source (TDS) at the prescribed Rates. Tax so Deducted should be deposited within the prescribed Time. Moreover, Returns of TDS (Tax Deducted at Source) should be submitted within […]
Read More
