SECTION-WISE SUMMARY OF TDS & TCS PROVISIONS IN NEW INCOME TAX ACT, 2025
TDS & TCS in new Income tax Act, 2025
Tag: TCS
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
As per the Finance Minister’s announcement made in the July 2024 Budget, a new tax collected at source (TCS) has been imposed on a specified list of luxury goods sold in India effective from April 22, 2025.
Notification no. 36/2025 dated 22.04.2025- Income tax
CBDT issued notification no. 36/2025 dated 22.04.2025 notifying the following goods of the value exceeding ten lakh rupees for collection of tax at source (TCS) as specified therein.
Notification no. 35/2025 dated 22.04.2025- Income tax
CBDT issued notification no. 35/2025 dated 22.04.2025 to make amendment in the TCS provision in the Income tax Rules, 1962.
Buying luxury goods? Handbags, wrist watches, footwear & other items above Rs.10 lakh to now attract 1% TCS
Handbags, wrist watches, footwear and sportswear priced above Rs.10 lakh will now attract a 1% tax collected at source (TCS). In a notification released on 22.04.2025 the Income tax department detailed categories which will now be subjected to this TCS.
Book: Handbook on Tax Deduction at Source (TDS) including Tax Collection at Source (TCS)
Handbook on TDS and TCS, latest edition of 2025
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents
Central Board of Direct Taxes (CBDT) has notified amendments in income-tax rules for ease in claiming credit for TCS collected/TDS deducted for salaried employees and enabling claiming TCS credit of minors in the hands of parents. Sub-section (2B) of Section 192 of the Income-tax Act, 1961 (‘the Act’) was amended vide the Finance (No. 2) Act, 2024 (FA (No. 2)) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB, as applicable, for the purpose of making tax deductions in the case of salaried employees.
Income tax notices sent to TCS employees are a ‘discrepancy,’ ITRs will be reprocessed: Report
IT major Tata Consultancy Services (TCS) called the recent tax demand notices its employees received as a “discrepancy,” and that the income tax department will reprocess the returns.
CBDT relaxes provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar
The Central Board of Direct Taxes (CBDT) has relaxed provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar.
What Is The Difference Between TDS and TCS?
Income tax is one of the most important financial planning aspects. You need to keep a check of your incomes,…