Most companies find provisions on tax collected at source challenging: Survey

Mumbai: Most companies are finding the nuances around tax deducted at source (TCS NSE 0.07 %) challenging, a survey by EY India and SAP said.

80% of the respondents consider technical nuances of the new TCS provisions and updating systems and processes as biggest challenges, the research report said.

The government in the Finance Bill 2020 had amended the income tax act and introduced a 1% tax (tax deducted at source) on all e-commerce transactions.