Analysis of Newly Introduced TCS Provisions U/S 206(1h) of the Income Tax Act, 1961

CA Atul P. Suvagiya

doi:10.33516/maj.v55i11.73-75p

Analysis of Newly Introduced TCS Provisions U/S 206(1h) of the Income Tax Act, 1961

Authors

CA Atul P. Suvagiya Department of Accounting and Financial Management, Faculty of Commerce, The Maharaja Sayajirao University of Baroda,Vadodara

DOI:

https://doi.org/10.33516/maj.v55i11.73-75p

Abstract

Tax deduction at source (TDS) & Tax collection at source (TCS) have widen their scope from time to time, based on identification of some areas where either speedy tax collection is needed or avoidance of tax concealment is highly needed. In line with this, w.e.f. 01.10.2020, the Government has introduced new provisions u/s 206C(1H) of the Income Tax Act, 1961, which deal with applicability of TCS in case of receipt from sale of GOODs in excess of Rs. 50 lakhs in a financial year.

Researcher has made an attempt to analyse the newly introduced provisions and dealt with its application in the practical market.

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Published

2020-11-01

How to Cite

Suvagiya, C. A. P. (2020). Analysis of Newly Introduced TCS Provisions U/S 206(1h) of the Income Tax Act, 1961. The Management Accountant Journal, 55(11), 73–75. https://doi.org/10.33516/maj.v55i11.73-75p