"01 October 2020" Archive - Page 2

TCS on Sale of Goods | Section 206C(1H) | Income Tax Act

Article on TCS On Sale Of Goods  Under Section 206C(1H) Of The Income Tax Act, 1961 Applicable Form 01-10-2020 explaining To Whom Section 206C(1H) is applicable,  From whom TCS shall be Collected, Whether Section 206C(1H) is applicable to the exporter, When collection shall be started from a particular buyer, Time of Collection of TCS, ...

Posted Under: Income Tax |

GST Updates & Deadlines for the Month of October 2020

1.GST DEADLINES 1.1. GSTR2A reconciliation from Feb to Sep 20 in GSTR3B of Sep 20 (Notification No.- 30/2020 –CT; Dated: 3 April 2020) Rule 36(4) of CGST Rules 2017 has restricted Input Tax Credit to the maximum of 110% of ITC available in GSTR 2A. However, the said condition for the period Feb 20 to […]...

Posted Under: Income Tax |

Understanding of TCS on Sale of Goods

Section 206C(1H) of Income Tax Act, shall come into effect from 01.10.2020. 1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or […]...

Posted Under: Income Tax |

Section 194O- TDS on e-commerce participants

As we all know that from 1.10.2020 section  194-O is going to apply for payment made by E-Commerce operator to E-Commerce participant is required to deducted TDS as per Provision of section 194-O. Section states that where sale of goods or provision of services of an E-Commerce participant is facilitated by E-Commerce operator through it...

Posted Under: Income Tax |

Tax Collected at Source (TCS) on Sale of Goods with 15 FAQs

Tax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. [&h...

Posted Under: Income Tax |

Applicability of Section 206C(1H) TCS on GST portion

Applicability of TCS u/s 206C(1H) on GST Component? There were doubts among taxpayers whether TCS u/s 206C(1H) is to be collected on net of GST amount or inclusive of GST. The matter has been clarified by Income Tax Department vide Circular No.17/2020 dated 29.09.2020 Para 4.6 of circular read as under: 4.6 Adjustment for sale return, [&...

Posted Under: Income Tax |

GST Annual Return due date extension & E-Invoice Compliance relaxation

Extension of date for furnishing Annual Return and One time relaxation of E-Invoice Compliance vide Notification No. 69/2020 – Central Tax to 72/2020 – Central Tax dated 30-09-2020 and Exemption Notification No. 04/2020-Integrated Tax – Rate etc. Sl. No Notification No Date Summary of Notification 1 69/2020 – Central Tax 30-09...

Posted Under: Income Tax |

FM reviews implementation of Aatma Nirbhar Bharat Package

Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...

Posted Under: Income Tax |

Application for lower deduction of tax by the non-residents

Certificate for lower or nil deduction of tax is issued by the Assessing officer to the non-resident for a specified period mentioned in the certificate for which it is valid unless it is cancelled by the assessing officer....

Posted Under: Income Tax |

TCS on Sale of Goods – Detailed Analysis

In today’s date, the most popular and most discussed topic is TCS on Sale of Goods since it is applicable with effect from 01 October, 2020. Though the topic is the most discussed one, there are so many confusions in the mind of readers regarding this new section and its practical implementation. Hence today I […]...

Posted Under: Income Tax |

Search Posts by Date

March 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031