tcs

TCS Quarterly Statement

The due date for filing of TCS Quarterly Statement for the quarter ending September, 2021 is 15th October, 2021. Book your calendar today!

TDS/TCS Payment

The due date for the TDS/TCS payment for the previous month i.e., September, 2021 is 7th October, 2021.

Furnishing of Form 24G

Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of July, 2021 is 15th August, 2021

Which section is applicable - Section 194Q or Section 206C(1H)

Which Section is applicable – Section 194Q or Section 206C(1H)?

/ Income Tax

Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.

Income Tax Compliance Calendar August, 2021

Compliances Due Dates: Income Tax, August 2021

/ Income Tax

Income Tax due dates are notified by Central Board of Direct Taxes for each month. Non-compliance of the various filing can lead to heavy penalties. The due date for compliances in August, 2021 are as follows:

Furnishing of Form 24G

Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 is 15th June, 2021