A Study Of New TCS Provisions On Sale Of Goods under Section 206C(1H) Of Income Tax Act, 1961 From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the […]
Article explains Who is Liable for TDS on Goods under Section 206C(1H), From whom tax shall be collected, Timing of Collection of TCS, What is the Definition of Goods, Whether Transactions in securities through RSE is liable to TCS, TCS on Motor vehicle, TCS on Transaction in electricity, TCS on sale of Software, TCS on […]
New TCS provision u/s 206C [1H] of Income Tax Act, 1961 wef 01/10/2020 Finance Act, 2020 has made the following provisions effective from 01/10/2020 relating to TCS. The provisions in the Act is as below: 206C[1H] Every person, being a seller, who receives any amount as consideration for sale of any goods of the value […]
1. CONCEPT OF TCS Govt. is taking step for increasing tax payers base. One such major step is levy of TCS on sale of goods u/s 206C(1H). Let us understand in simple term- If turnover of business is more than 10 Crores in F.Y. 2019-20 than it has to collect TCS @ 0.075% (Due to […]
Under Scheme of CGST act, persons who are to liable for registration requires to obtain registration. Every registered person, has to determine his tax liability by making self-assessment, and after making of payment of tax, is required to furnish correct and complete prescribed returns, as per provisions of the act and rules.
Union of India & Ors. Vs M/s G S Chatha Rice Mills & Anr. (Supreme Court) In the context of the Customs Act, and having regard to the Scheme, which, in the case of import duty, consists of filing of Bill of Entry for home consumption, self-assessment and payment of duty on the basis of […]
E-invoicing has come into effect from Oct 01, 2020 for businesses with aggregate turnover exceeding Rs. 500 cr. in any preceding FY from 2017-18 onwards. e-invoicing – Relaxation and latest changes 1. ‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due […]
Preludesys India Ltd. Vs. ACIT (Madras High Court) The first aspect that has to be considered is as to whether the Income Tax Act, 1961 deals with the concept of a ‘deemed export’. This position has been clearly explained by the High Court of Karnataka both in the case of Tata Elxsi Ltd., and in […]
Notification No. 29/2020 -Customs (ADD)- Seeks to amend notification No. 47/2015-Customs (ADD), dated 8th September 2015 to extend the levy of ADD on imports of Float Glass originating in or exported from China PR, for a period of three months i.e. upto 7th December, 2020 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification […]
Whether Presumptive Scheme under Section 44AD of IT Act, 1961 to be opted for at least 5 years? It is notable that a new condition has been added to Presumptive Income by Finance Act, 2016, w.e.f. 01.04.2017 by substituting sub-section (4) of Section 44AD of Income Tax Act, 1961 (‘the IT Act’). Sub Section (4) […]
