Tax Collected at Source (TCS ) is the tax payable by the seller which he collects from the buyer at the time of sale , say, while purchasing a motor vehicle exceeding Rs 10 Lakhs . Budget 2020 has proposed to widen the scope by including TCS on Sale of Goods w.e.f. 01/04/2020—Sec 206(1H) . […]
It is an undeniable fact that to outgrow in this international market it is very important for any business to offer their products/services at the most competitive prices. Any business has to strike a perfect balance -in keeping profit margins intact and at the same time offering products/services at the most competitive rates. Isn’t is […]
Latest Analysis The Vivad se Vishwas scheme was presented in the Budget 2020 on 1st February 2020. Due to administrative and procedural delays, the President gave assent to the Scheme on 17th March 2020. The Scheme is applicable to all income tax cases in dispute as on 31st January 2020. The pending appeal may be […]
NBFCs are required to submit various returns to RBI w.r.t their deposit acceptance, prudential norms compliance, ALM etc. Detailed instructions regarding submission of returns by NBFCs have been issued through various company circulars. A list of such returns to be submitted by NBFCs-D, NBFCs-ND-SI and others is as under LIABILITY a) ACCEPTING DEPOSIT b) NON […]
One-time Relaxation to those Employers who did not file ESI contribution within 42 days Keeping in view the problem being faced by the Employers in filing ESI contribution for the contribution period April, 2019 to September, 2019 within 42 days, the Director General, in exercise of powers vested under regulation 100, has relaxed the provisions […]
कोई भी व्यक्ति जो विक्रेता है यदि किसी अन्य व्यक्ति (क्रेता) से प्रतिफल के रूप में कोई राशी प्राप्त करता है और यदि किसी भी वित्तीय वर्ष में राशी 50 लाख रुपये से अधिक होती है तो उक्त विक्रेता को राशी प्राप्त करते समय विक्रय प्रतिफल का 0.1% क्रेता से TCS के रूप में संग्रह करना होगाI
Many of the registered persons are receiving notices to pay interest on GROSS liability for delay in filing of GSTR 3B returns in case of failure to pay so the department may initiate recovery proceedings under sec 79, because of which there is as huge confusion among the registered tax payers regarding calculation of interest.
In India, the Financial Year (F.Y.) runs from 1st April to 31st March. We have to perform certain important tasks before the end of the F.Y. to plan our present and future. Although we have a full year to complete these tasks in advance but we Indians are adventure loving people and we wait for the […]
Hindustan Coca Cola Pvt. Ltd. Vs Assistant State Tax Officer (Kerala High Court) The petitioner a Private Limited Company engaged in manufacture and supply of fruit-based beverages/drinks registered in State of Kerala under GST Act. According to the petitioner, the product manufactured by them was classified under HSN 2202 9920 under GST and discharging GST […]
The Direct Tax Vivad se Vishwas Act, 2020 – Request for three months extension without any extra charge of disputed tax, Interest or Penalty.
