Category: TCS

Income Tax TCS at higher Rate for Section 206CCA

July 5, 2021 By Damodhar C Off

[ with effect from 1st July 2021 ] Finance Act 2021 has introduced a new Section 206CCA in Income Tax Act, 1961 to provide for collection of Income Tax at Source at higher rate than prescribed under respective section. 1.1 Provision enacted Where Tax is…

TCS 206c 1h & TDS 194Q Journal entries

July 5, 2021 By Damodhar C Off

Details TCS collected by Seller u/s 206C 1H TDS deducted by Buyer u/s 194Q   Rs Rs Goods Sold 1,10,000.00 1,10,000.00 (-)Discount -10,000.00 -10,000.00 Taxable Value [Sales] 1,00,000.00 1,00,000.00 GST@18% 18,000.00 18,000.00 Value Including GST 1,18,000.00 1,18,000.00 TCS@0.1% on Value including GST 118.00 – TOTAL…

Income Tax TCS at higher Rate [Section 206CCA]

July 4, 2021 By Damodhar C Off

With effect from 1st July 2021 The Finance Act 2021 introduced the new Section 206 CCA of the Income Tax Act, 1961 Income tax levied at a rate higher than that indicated under the relevant section. Rule 1.1 is enforced Where the amount or amount…