TCS has to be collected in the following scenario w .e.f. 01 .04.2020. 1. If the sales, turnover or gross receipts of the person selling goods is more than Rs. 10 crores during the financial year 2019 2020. 2. The seller sells goods of value Rs. 50 lakhs or more either in single transaction of in aggregate during the financial year 2020 2021. 3.Th e-seller is not liable to collect tax on sale of goods under any other sub section (1), (1F) or (1G) of the value of goods sold by him. Mentioned in the annexure 1 herewith) 4. Th e-buyer is not liable to deduct any TDS for the given sale transaction.
Tax Collected at Sources (TCS) on Tour Operator √ Do you know that Budget 2020 casted additional burden on Tour operator to collect additional Tax from the person who buys “Overseas tour program” package from Tour Operator from 01st April,2020. √ Whether all person will be required to collect TCS or only specified person? > […]
Considering the provision of Section 65 of the IBC, it is necessary for the Adjudicating Authority in case such an allegation is raised to go into the same. In case, such an objection is raised or application is filed before the Adjudicating Authority, obviously, it has to be dealt with in accordance with law.
Principal Commissioner Goods and Services Tax Vs Premium Real Estate Developers (Delhi High Court) The case sought to be build up, by the appellant, in the present appeal, is that the learned Tribunal erred in not treating the respondent as providing “real estate agent”service, and in treating the transaction, between the respondent and Sahara, as […]
With the advent of The Real Estate (Regulation & Development) Act, 2016, which came into effect from May 1, 2017, there began a norm for strict compliances that have to be adhered by each and every developer, builder and construction giant in different parts of the country. Most of the states have established their own […]
Finance Minister presented the Finance Bill, 2020 in the Lok Sabha on 1 February 2020, accompanied by the longest ever budget speech. On an overall basis, the government’s focus appeared to provide ease of living and to promote investments in to India.
The Government of India (GoI) is leaving no stone unturned to make India an attractive destination for Foreign Direct Investments (FDI), which will be a significant contributor to the country’s journey of becoming a US$ 5 Trillion economy by year 2025. Few months back, the GoI had taken the historic decision to reduce headline corporate […]
Section 204 of Companies Act, 2013 provides for Secretarial audit for bigger companies. It was hailed as an important step in improving corporate governance and ensure effectives compliances of the rules and regulations applicable on the company.
The bank attachment would be limited to the amounts which were lying to the credit of the petitioner in CC A/c, at the time of freezing and any further credit which may come would not be under attachment.
An ostentatious feature of the Insolvency and Bankruptcy Code, 2016 (‘Code’), is the classification of creditors on the basis of debt. It is highly applaudable as the classification is not restricted to security [i.e. secured/unsecured creditors] but also covers Financial/ Operational creditors within its ambit.
