New TDS/TCS regime from July 1 – are you ready?

  • July 2, 2021
  • CA Chandan Agarwal's Office

The new provision coming into effect requires both sellers and buyers to undertake due diligence w.r.t. tax return filing status of the other party where aggregate TDS/TCS credit is at least Rs 50,000.

The tax administration’s fascination with ‘data’ collection has been a hallmark of India’s tax policy in the recent years. Introduction of technology led GST regime in India paved the way for granular transaction level reporting for indirect tax purposes. This was followed by introduction of Tax Collection at Source (TCS) on sale of goods last year where seller was entrusted with the responsibility to collect Income-tax at 0.1% from buyer, subj ..

Read more at:
https://economictimes.indiatimes.com/small-biz/policy-trends/new-tds/tcs-regime-from-july-1-are-you-ready/articleshow/83944077.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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