Section 264 Revision Application under the Income Tax Act of India

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Uttarayan

May 19, 2025

10:32 am

1. Extract of the Income Tax Act of India for Section 264

Section 264 of the Income Tax Act, 1961, empowers the Commissioner of Income Tax (CIT) to revise any order passed by a subordinate authority. This revisionary power can be exercised by the CIT either suo motu (on their own motion) or on an application made by the taxpayer.

Section 264(1): The Commissioner may, either on their own motion or on an application by the assessee, call for the record of any proceeding under this Act in which any order has been passed by any authority subordinate to them and may make such inquiry or cause such inquiry to be made and, subject to the provisions of this Act, may pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit.
Section 264(2): The Commissioner shall not revise any order under this section in the following cases:
- Where an appeal against the order lies to the Commissioner (Appeals) or the Appellate Tribunal but has not been made and the time within which such appeal may be made has not expired, or in the case of an appeal to the Commissioner (Appeals) or the Appellate Tribunal, the assessee has not waived their right of appeal.
- Where the order has been made the subject of an appeal to the Commissioner (Appeals) or the Appellate Tribunal.
Section 264(3): An application for revision under this section shall be made within one year from the date the order in question was communicated to the assessee or the date on which they otherwise came to know of it, whichever is earlier.
Section 264(4): The Commissioner may, on an application by the assessee for revision under this section, make such inquiry or cause such inquiry to be made and, subject to the provisions of this Act, may pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit.
Section 264(5): Every application by an assessee for revision under this section shall be accompanied by a fee of twenty-five rupees.

2. Purpose and Objective of Section 264

The primary objective of Section 264 is to provide an opportunity for taxpayers to seek relief from any order passed by a subordinate authority that they believe to be unjust or erroneous. This provision aims to ensure taxpayers have a recourse mechanism to correct mistakes or injustices without resorting to lengthy and expensive litigation processes. It also empowers the Commissioner to rectify errors and ensure fair treatment of taxpayers.

3. Proper Reasoning

When applying for a revision under Section 264, it is crucial to present a well-reasoned application. The following points should be considered:

Clarity and Precision: Clearly state the specific order being contested and the grounds for the revision.
Evidence and Documentation: Provide all relevant documents, evidence, and details that support the claim that the order in question is incorrect or unjust.
Legal Grounds: Cite relevant sections of the Income Tax Act and other applicable laws to substantiate the claim for revision.
Timeliness: Ensure the application is filed within the stipulated time frame of one year from the date of the order or the date the assessee became aware of it.

4. Legal Recourse and Legal Proceedings

If an assessee is aggrieved by an order passed by a subordinate authority, they can seek revision under Section 264 by following these steps:

Filing the Application: The application must be filed within one year from the date the order was communicated or came to the assessee’s knowledge. A fee of twenty-five rupees should accompany it.
Submission of Documents: All supporting documents and evidence must be submitted along with the application.
Inquiry by Commissioner: The Commissioner may conduct an inquiry or direct a subordinate authority to do so to verify the facts presented in the application.
Order by Commissioner: After considering the application and the inquiry report, the Commissioner may pass an order that is not prejudicial to the assessee.

5. Do’s and Don’ts

Do’s:

Ensure timely filing of the revision application.
Clearly state the grounds for seeking revision.
Provide all necessary documents and evidence.
Seek professional advice if needed to strengthen the application.

Don’ts:

Do not apply if an appeal is pending before the Commissioner (Appeals) or the Appellate Tribunal.
Avoid presenting vague or unsubstantiated claims.
Do not miss the one-year deadline for applying.

6. Example of a Section 264 Revision Application under the Income Tax Act of India

Subject: Application for Revision under Section 264 of the Income Tax Act, 1961 To: The Commissioner of Income Tax, [Name of the City], [Address of the CIT Office] Date: [Date of Application] From: [Name of the Assessee] [Address of the Assessee] [Permanent Account Number (PAN)] [Email Address] [Contact Number] Ref: Assessment Year: [Year] Order Date: [Date of the Order] Order Passed by: [Name and Designation of the Assessing Officer]

Application for Revision of Assessment Order under Section 264

Respected Sir/Madam, I, [Name of the Assessee], respectfully submit this application under Section 264 of the Income Tax Act, 1961, seeking revision of the assessment order dated [Date] passed by [Name and Designation of the Assessing Officer] for the assessment year [Year]. The order was communicated to me on [Date]. Grounds for Revision:

Incorrect Computation of Income: The Assessing Officer has incorrectly computed my total income by disallowing certain genuine business expenses amounting to INR [Amount]. These expenses were incurred wholly and exclusively for my business, and the necessary supporting documents were provided during the assessment proceedings.
Disallowance of Depreciation: The Assessing Officer has disallowed INR [Amount] depreciation on [Asset Description]. The asset in question was duly put to use for business purposes during the relevant previous year, and the depreciation claim was made in accordance with the provisions of the Income Tax Act.
Incorrect Addition of Income: INR [Amount] was added to my income on account of unexplained cash deposits. These deposits were duly explained during the assessment proceedings as receipts from my business operations, supported by relevant documentary evidence.

Facts and Circumstances:

Business Expenses: During the assessment proceedings, I provided detailed explanations and documentary evidence for the business expenses incurred. Despite this, the Assessing Officer disallowed these expenses without giving any valid reasons. Attached herewith are copies of the invoices, payment receipts, and a detailed explanation of the expenses (Annexure A).
Depreciation Claim: The asset for which depreciation has been disallowed was acquired and put to use in the relevant previous year. The disallowance was made without considering the factual details and the applicable provisions of the Income Tax Act. Enclosed herewith is a copy of the invoice and proof of usage of the asset (Annexure B).
Cash Deposits: The cash deposits were duly explained as business receipts, supported by sales invoices and receipts. The Assessing Officer’s addition of this amount as unexplained income is unjustified. Attached herewith are copies of the sales invoices and bank statements (Annexure C).

Prayer:

In view of the above grounds and the supporting documents, I humbly request you to kindly revise the assessment order dated [Date] for the assessment year [Year] under the provisions of Section 264 of the Income Tax Act, 1961. I pray for the following reliefs:

Allowance of the disallowed business expenses amounting to INR [Amount].
Allowance of the INR [Amount] depreciation claim on [Asset Description].
Deletion of the addition of INR [Amount] on account of unexplained cash deposits.

I affirm that no appeal against the said order is pending before the Commissioner (Appeals) or the Income Tax Appellate Tribunal, and I have not waived my right of appeal. I appreciate your consideration. Yours sincerely, [Name of the Assessee] [Signature]

Enclosures:

Copy of the assessment order dated [Date]
Annexure A: Details and supporting documents for business expenses
Annexure B: Details and supporting documents for depreciation claim
Annexure C: Details and supporting documents for cash deposits
Proof of filing fee payment of INR 25

7. Conclusion

Section 264 of the Income Tax Act of 1961 serves as a vital mechanism for taxpayers to seek redressal against erroneous or unjust orders passed by subordinate authorities. By understanding the provisions, objectives, and proper procedures associated with Section 264, taxpayers can effectively utilise this tool to ensure fair and just treatment under the law. Proper reasoning, timely action, and adherence to legal requirements are critical to successfully navigating the revision process under this section.

Tagged Buisness, Funding, Tax, TDS

Section 264 Revision Order by CIT under the Income Tax Act of India

Uttarayan

10:24 am

1. Extract of the Income Tax Act of India – Section 264

Section 264 of the Income Tax Act, 1961 grants the Commissioner of Income Tax (CIT) the authority to revise any order passed by a subordinate authority. This power can be exercised by the CIT either suo motu (on their initiative) or upon an application made by the taxpayer.

Section 264(1)

The Commissioner may, either on their motion or on an application by the assessee, call for the record of any proceeding under this Act in which any order has been passed by any authority subordinate to them, and may make such inquiry or cause such inquiry to be made and, subject to the provisions of this Act, may pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit.

Section 264(2)

The Commissioner shall not revise any order under this section in the following cases:

Where an appeal against the order lies to the Commissioner (Appeals) or the Appellate Tribunal but has not been made and the time within which such appeal may be made has not expired, or in the case of an appeal to the Commissioner (Appeals) or the Appellate Tribunal, the assessee has not waived their right of appeal.
Where the order has been made the subject of an appeal to the Commissioner (Appeals) or the Appellate Tribunal.

Section 264(3)

An application for revision under this section shall be made within one year from the date on which the order in question was communicated to the assessee or the date on which they otherwise came to know of it, whichever is earlier.

Section 264(4)

The Commissioner may, on an application by the assessee for revision under this section, make such inquiry or cause such inquiry to be made and, subject to the provisions of this Act, may pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit.

Section 264(5)

Every application by an assessee for revision under this section shall be accompanied by a fee of twenty-five rupees.

2. Purpose and Objective of Section 264

The primary objective of Section 264 is to provide a remedy for taxpayers who believe that an order passed by a subordinate authority is erroneous or unjust. It ensures that taxpayers have a mechanism to correct such mistakes without resorting to expensive and time-consuming litigation processes. It also enables the Commissioner to rectify errors and ensure fair treatment of taxpayers.

3. Proper Reasoning

When a taxpayer applies for a revision under Section 264, it is essential to provide a well-reasoned application. Key points to consider include:

Clarity and Precision: Clearly state the specific order being contested and the grounds for seeking revision.
Evidence and Documentation: Provide all relevant documents and evidence supporting the claim that the order is incorrect or unjust.
Legal Grounds: Cite relevant sections of the Income Tax Act and other applicable laws to substantiate the claim for revision.
Timeliness: Ensure the application is filed within the stipulated time frame of one year from the date of the order or the date the assessee became aware of it.

4. Legal Recourse and Legal Proceedings

If an assessee is aggrieved by an order passed by a subordinate authority, they can seek revision under Section 264 by following these steps:

Filing the Application: The application must be filed within one year from the date the order was communicated or came to the knowledge of the assessee. It should be accompanied by a fee of twenty-five rupees.
Submission of Documents: All supporting documents and evidence must be submitted along with the application.
Inquiry by Commissioner: The Commissioner may conduct an inquiry or direct a subordinate authority to do so to verify the facts presented in the application.
Order by Commissioner: After considering the application and the inquiry report, the Commissioner may pass an order that is not prejudicial to the assessee.

5. Do’s and Don’ts

Do’s:

Ensure timely filing of the revision application.
Clearly state the grounds for seeking revision.
Provide all necessary documents and evidence.
Seek professional advice if needed to strengthen the application.

Don’ts:

Do not apply if an appeal is pending before the Commissioner (Appeals) or the Appellate Tribunal.
Avoid presenting vague or unsubstantiated claims.
Do not miss the one-year deadline for applying.

6. Example

Subject: Application for Revision under Section 264 of the Income Tax Act, 1961

To, The Commissioner of Income Tax, [Name of the City], [Address of the CIT Office]. Date: [Date of Application] From, [Name of the Assessee], [Address of the Assessee], Permanent Account Number (PAN): [●], Email: [●], Contact Number: [●] Ref: Assessment Year: [Year], Order Date: [Date of the Order], Order Passed by: [Name and Designation of the Assessing Officer]

Application for Revision of Assessment Order under Section 264

Respected Sir/Madam, I, [Name of the Assessee], respectfully submit this application under Section 264 of the Income Tax Act, 1961, seeking revision of the assessment order dated [Date] passed by [Assessing Officer] for the assessment year [Year]. The order was communicated to me on [Date].

Grounds for Revision:

Incorrect Computation of Income: The Assessing Officer has incorrectly computed my total income by disallowing certain genuine business expenses amounting to INR [Amount]. These expenses were incurred wholly and exclusively for the purpose of my business, and the necessary supporting documents were provided during the assessment proceedings.
Disallowance of Depreciation: The Assessing Officer has disallowed depreciation of INR [Amount] on [Asset Description]. The asset in question was duly put to use for business purposes during the relevant previous year, and the depreciation claim was made under the provisions of the Income Tax Act.
Incorrect Addition of Income: An addition of INR [Amount] was made to my income on account of unexplained cash deposits. These deposits were duly explained during the assessment proceedings as receipts from my business operations, supported by relevant documentary evidence.

Facts and Circumstances:

Business Expenses: During the assessment proceedings, I provided detailed explanations and documentary evidence for the business expenses incurred. Despite this, the Assessing Officer disallowed these expenses without providing any valid reasons. Attached herewith are copies of the invoices, payment receipts, and a detailed explanation of the expenses (Annexure A).
Depreciation Claim: The asset for which depreciation has been disallowed was acquired and put to use in the relevant previous year. The disallowance was made without considering the factual details and the relevant provisions of the Income Tax Act. Enclosed herewith is a copy of the invoice and proof of usage of the asset (Annexure B).
Cash Deposits: The cash deposits were duly explained as business receipts, supported by sales invoices and receipts. The Assessing Officer’s addition of this amount as unexplained income is unjustified. Attached herewith are copies of the sales invoices and bank statements (Annexure C).

Prayer:

Given the above grounds and the supporting documents, I humbly request you to kindly revise the assessment order dated [Date] for the assessment year [Year] under the provisions of Section 264 of the Income Tax Act, 1961. I pray for the following reliefs:

Allowance of the disallowed business expenses amounting to INR [Amount].
Allowance of the depreciation claim of INR [Amount] on [Asset Description].
Deletion of the addition of INR [Amount] on account of unexplained cash deposits.

I affirm that no appeal against the said order is pending before the Commissioner (Appeals) or the Income Tax Appellate Tribunal, and I have not waived my right of appeal. Thank you for your consideration. Yours sincerely, [Name of the Assessee] [Signature]

Enclosures:

Copy of the assessment order dated [Date]
Annexure A: Details and supporting documents for business expenses
Annexure B: Details and supporting documents for depreciation claim
Annexure C: Details and supporting documents for cash deposits
Proof of filing fee payment of INR 25

7. Conclusion

Section 264 of the Income Tax Act, 1961, serves as a vital mechanism for taxpayers to seek redressal against erroneous or unjust orders passed by subordinate authorities. By understanding the provisions, objectives, and proper procedures associated with Section 264, taxpayers can effectively utilize this tool to ensure fair and just treatment under the law. Proper reasoning, timely action, and adherence to legal requirements are key to successfully navigating the revision process under this section.

Tagged Buisness, Funding, Tax, TDS

Tax collected at source on the sale of goods

Uttarayan

December 26, 2023

7:12 am

Tax deductions at source, primarily called as TDS (Withholding Tax in some countries), are collected for making the payment of services. Likewise, Tax collected at sources (TCS) is a significant method employed by the tax authorities to gather taxes on the sales of certain goods. The government ensures all sellers collect TCS at the point of sale and minimizes the possibility of tax evasion.

What is Tax Collected at Sources (TCS)

When the government levies a tax on specific transactions, the seller collects a particular tax % from the buyer at the time of sale. TCS collects the time of sale and then deposits the same to the government. The primary objective of TCS is to have upfront tax revenues and prevent tax evasion.

Implementation and Applicability

TCS typically applies to specific goods and services defined by the tax authorities. In many countries, it applies to transactions involving alcoholic beverages, luxury cars, certain minerals, etc. The applicability and the rate of TCS can vary based on the nature of goods, the total value of the transaction, and the prevailing tax regulations.

Mechanism of Tax Collected at Source

When a seller conducts a transaction under TCS’s purview, they collect the tax amount from the buyer on the total sale consideration. TCS collected Tax is then deposited with the government within a specified period. The seller issues a TCS certificate to the buyer as proof of tax collection, which the buyer can use to claim credit against their tax liability. TCS amount is deducted from the buyer’s PAN, reflected in their 26AS, and is allowable as a credit in the final income tax of the assessee.

Objectives and Advantages of Tax Collected at Source

Preventing Tax Evasion: TCS helps curb tax evasion by ensuring that Tax is collected at the time of the transaction.
Enhanced Revenue Collection: Governments benefit from a steady flow of revenue through TCS, contributing to effective fiscal management.
Simplified Tax Administration: By collecting taxes at the source, the administrative burden is reduced, making tax collection more efficient.
Expanding the Tax Base: TCS aids in expanding the tax base by capturing taxes from a broader range of transactions.

Challenges and Limitations

Despite its advantages, TCS also presents specific challenges and limitations:

Compliance Burden: Sellers must ensure compliance with TCS provisions, which can sometimes be cumbersome.
Impact on Businesses: TCS might affect cash flows for sellers, especially small businesses.
Complexity in Implementation: Determining the applicability and rates of TCS for various goods and services can be complex, leading to confusion among stakeholders.

Coverage of Goods

Trading of goods is where a purchase and sale transaction happens, so the seller has to apply TCS.
TCS is not applicable when the above-purchased goods are used for further processing and manufacturing and are exempt from TCS.

Type of goods and rate of TCS applicable

Liquor/Scrap/Minerals/Bullion over 2 lakhs/Jewellery exceeds 5 lakhs/Purchase of motor vehicles over 10 lakhs @ 1%
Parking lot, Toll Plaza and mining and quarrying companies to apply @ 2%
Timber wood under forest leased/Timber wood with any other mode/ @2.5%
Tendu Leaves @ 5%

Who is classified to collect TCS?

Companies/LLP registered under the Companies Act.
Partnership Firms & Cooperative Societies
Central/State/Local and Statutory Authorities and government
Any other company or individual has to be audited under the Income Tax Act.

TCS due Dates for filing the return

Like TDS, TCS return filling is also after the close of each quarter, like:

April to June quarter by 15th July
July to September quarter by 15th October
October to December quarter by 15th January
January to March quarter by 15th May

Due date of making the payment

Like TDS, the TCS due date is on or before the 7th of the subsequent month.

Interest Charged on the delayed payment

The tax collector or TC is responsible as per the act for collecting and paying the Tax to the government. If the tax collector fails to collect and deposit the TCS to the government or collects and not paid on the due dates, the TC will be liable for a 1 % interest per month or part of the month.

Penalty for incorrect filling of the TCS return

A minimum penalty of 20,000 or a maximum of 100,000 can be levied u/s 271H for the wrong filing of a TCS return.

Conclusion

Tax collected at source is crucial for governments to gather taxes efficiently and combat tax evasion. While it offers advantages in terms of revenue generation and simplification of tax administration, there are also challenges associated with its implementation. Striking a balance between effective tax collection and minimizing the burden on businesses is essential for the success of TCS. Governments must periodically review and refine TCS provisions to ensure they align with the evolving economic landscape while maintaining fairness and effectiveness in tax collection.

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Tagged Tax, TDS

Interest for Late Payment of TDS

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Sachin Gupta

December 11, 2023

9:19 am

What is TDS (Tax Deduct at Source)

TDS is the concept developed to ensure tax is collected where income is generated, which means the source. TDS is deducted for the payment or credit, whichever is earlier. When the person (Deductee) makes the payment or credit in the books, it must be deducted at the rate specified in the Income Tax for the deductor and deposited in the government account.

Where TDS is Deducted

TDS is deducted on the various activities listed in the Income Tax Act but is restricted to services and is not applied to purchasing and selling goods. There is a list of activities where the recipient deducts the TDS on the due date.

TDS Payments

TDS payments are made on or before the 7th of the subsequent month. The total amount deducted or credited in the books is accumulated and deposited to the Central Government.

TDS Payments are made through two modes:

Electronic Mode or online TDS payment is mandatory for all corporations and other assesses (other than the company) where the provision of section 44AB of the Income Tax Act 1961 is applicable.
Others can deposit physically through Challan 281 in the Authorized Bank Branch.
The TDS payment website is https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details and is used to make TDS payments online.
The income tax portal allows section-wise online payments. If a higher amount is paid in one section, an offset is possible in the current and future with different sections.
The lower TDS rate cannot be adjusted against the higher interest rate section. But vice versa can be done.

Interest Provisions Under Tax Deduct At Source

Interest for Late Filing of TDS Return: There is no interest for late filing of TDS returns, but Rs 200 per day from the due date of filing the return is charged under section 234E.
Incorrect information furnished: In cases where PAN or other information is incorrectly given in the return, a penalty of Rs. 10,000 shall be charged U/s 271H.
Interest on Late Deduction: Credit in the books or payment earlier is deducting the TDS; if the company fails to do so, a 1% monthly interest shall be charged when the TDS becomes deductible under section 201A.
Interest on Late payment: The amount deducted and not paid is the case where the amount is not deposited to the Central Government; in such a case, it is 1.5% monthly. Unlike other scenarios here, the month is considered even one day default. If the amount is not paid by the due date of the 7^th, the entire month’s interest is applicable. If the amount is spent on the 2^nd of the subsequent month, the whole month’s interest is also applied to the next month.

Due date of filing of TDS Returns

Three types of returns are filed:
1. 24Q, and this is filed for Tax deductions made for salaries paid to the employees
2. 26Q, and this is filed for Tax deductions made for vendor payments
3. 27Q is for the deduction made for the NRI/NRE

The due dates for filing of TDS Returns are:

Quarter	Form 24Q, 26Q, 27Q
April to June	31^st of July
July to September	31^st of October
October to December	31^st of January
January to March	31^st of May

Details included in Filing TDS Returns:

A challan is generated by each company’s unique income tax portal based on their TAN number and the section where the payment is made.
For all the deductees, PAN is compulsory, or 20% of the amount is applicable.
Details of the party for whom the amount is deducted, like if rent is deducted u/s 194 I, then the PAN number of the Landlord and name of the person is required in the return.

Generation of Form 16 after the year closure:

Once the TDS Payment status is checked and completed for all the months, and the TDS Quarterly returns are filed, it is time to issue Form 16 to the Deductees. Though all the Deductees get the credit reflected in the Traces, Form 16 is issued quarterly and shared with them if required.

Login to the company (deductor) Traces account
Choose the download option
Select Form 16 from the option
Select single or bulk PAN for the download option
Choose the Financial Year and Section in which the download is happening, along with the quarter or year for the download.
Download the HTTP document from the Traces
Download the Traces Utility and complete the information required.
Attached is the DSC of the authorized person in the downloaded Utility
Upload the HTTP file in the Utility
Now you can download the Form 16.

To ensure that your hard-earned business money is not wasted, it is essential that you correctly decide the applicability of the TDS rate, timely payment, and timely return filing. CFO Angle is a company with trained and experienced professionals who help ensure TDS compliance completion.

FAQ

Can I deduct a lower TDS?

If the deductee has taken exemption under a specific condition where the Income Tax Department on the application submitted for Lower TDS has accepted such deduction, then on furnishing this certification, the deductor should deduct on the lower rate.

If the deductor does not deduct TDS on time, will a deductee be penalized?

The deductor is responsible for depositing the deduction on time to avoid a penalty. Any delay will lead him only to pay the penalty and interest and not the deductee.

If the deductor makes an interest payment on a late payment, does the deductee get the interest?
No, the interest paid is the income of Central Government of India and no benefit is passed on to the deductee.

Will a Foreign National be exempt from charging TDS?

No Foreign Nationals are exempt from getting taxed in India for the income earned in India. Based on the category and section, the same is deducted and deposited.

Will a Foreign National get credit for the taxes paid in India?

If there is a DTAA (Direct Tax Avoidance Agreement) between India and the Foreign National Resident Country, then, on submitting proof of the country residence certificate, a lower tax rate can be approved by the Assessing Officer.

Tagged TDS

Section 264 Revision Application under the Income Tax Act of India

1. Extract of the Income Tax Act of India for Section 264

2. Purpose and Objective of Section 264

3. Proper Reasoning

4. Legal Recourse and Legal Proceedings

5. Do’s and Don’ts

Do’s:

Don’ts:

6. Example of a Section 264 Revision Application under the Income Tax Act of India

Application for Revision of Assessment Order under Section 264

Facts and Circumstances:

Prayer:

Enclosures:

7. Conclusion

Section 264 Revision Order by CIT under the Income Tax Act of India

1. Extract of the Income Tax Act of India – Section 264

Section 264(1)

Section 264(2)

Section 264(3)

Section 264(4)

Section 264(5)

2. Purpose and Objective of Section 264

3. Proper Reasoning

4. Legal Recourse and Legal Proceedings

5. Do’s and Don’ts

Do’s:

Don’ts:

6. Example

Subject: Application for Revision under Section 264 of the Income Tax Act, 1961

Application for Revision of Assessment Order under Section 264

Grounds for Revision:

Facts and Circumstances:

Prayer:

Enclosures:

7. Conclusion

Tax collected at source on the sale of goods

What is Tax Collected at Sources (TCS)

Implementation and Applicability

Mechanism of Tax Collected at Source

Objectives and Advantages of Tax Collected at Source

Challenges and Limitations

Coverage of Goods

Type of goods and rate of TCS applicable

Who is classified to collect TCS?

TCS due Dates for filing the return

Due date of making the payment

Interest Charged on the delayed payment

Penalty for incorrect filling of the TCS return

Conclusion

Interest for Late Payment of TDS

What is TDS (Tax Deduct at Source)

Where TDS is Deducted

TDS Payments

TDS Payments are made through two modes:

Interest Provisions Under Tax Deduct At Source

Due date of filing of TDS Returns

The due dates for filing of TDS Returns are:

Details included in Filing TDS Returns:

Generation of Form 16 after the year closure:

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