Home Highlights August 2018 Year 2018 This

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1. TCS u/s 206C - If no amount of toll fees is recovered by NHAI to be remitted to the consolidated fund of India or otherwise then naturally the impugned deposits of toll...

2. TCS u/s 206C - Board (PDBI) falls under the definition of Licensor and has acted as a Grantor of the licensee /contract for toll plaza operation / Toll roads - liable to...

3. Liability to collect TCS - activities of collecting toll fees as entrusted by the assessee was not a contract within the meaning of section 206C and will not attract...

4. Denial of Tax Collected at Source (TCS) credit u/s 206C(1C) - denial of credit tantamount to confiscating assessee's tax for which corresponding income is included in...

5. Demand u/s 206C(1)/206C(7) - TCS - 206C(1A) mandates person responsible for TCS to not collect taxes if he obtains a declaration from the buyer that he is purchasing the...

6. Non-collection of TCS u/s 206C - there is no ambiguity that the seller of forest product is required to collect tax on forest produce. But the “Minor Forest Product” are...

7. Collection of tax at source (TCS) u/s. 206C - compounding fees received from persons involved in illegal mining and transportation of minerals - The assessee failed to...

8. Collection of tax at source by Tea Board of India – determination of value - collection of TCS from the sellers (i.e. tea producers) and collection of TCS from the auctioneers

9. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

10. TCS u/s 206C - sale of forest produce, not being timber or tendu leaves - waiver from collection of TCS - matter remanded back for reconsideration - AT

11. Person u/s 2(31) - Artificial Judicial Person (AJP) as defined in section 2(31)(vii) - Change of status from AJP to AOP - the Assessing Officer was not justified in...

12. Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

13. TCS u/s 206C - Not collection of tax at source on Old and used plates, Non-excisable (exempted) like furniture, wood, etc., Trading of scrap (melting) and High seas sale...

14. Tax Collection at Source u/s 206C-even state governments are liable under TCS provisions – there is no immunity to state govt. from TCS u/s 206C-IT department can...

15. Tax Collection at Soruce (TCS) - Addition u/s 206C(6)/206C(7) - whether the Swan timber is different from timber - if the timber is being sized, sawn into logs of...