Procedure for opening & operating the designated FCRA Account as provided under the amended Section 17(1) of The Foreign Contribution (Regulation) Act , 2010
The proper officer passes an order in Form GST REG-05 in case of rejection of any of the following application- -Application for GST registration, -Application for amendment of GST registration, -Application for cancellation of registration, or -Application for revocation of cancellation of registration. The present article explains the circumstances under which order is issued in […]
World Bank has now signaled that Indian economy may contract 9.6% in Financial Year 2020-21. It says that Indian economy was already slowing before the pandemic and its situation is worse than before. There had been a 33% rise in poverty. India’s growth is projected to rebound to 5.4% in Financial Year 2022. However, new […]
Clause 1 of the Code on Wages, 2019 provides that the Code shall come into force on such date as the Central Government may, by notification in the official gazette appoint and different dates may be appointed for different provisions under the Code.
TCS Under Section 206C(1H) Background: Section 206C of the Income-tax Act, 1961 (‘the Act’) provides for the collection of tax at source (‘TCS’) on stipulated kinds of goods. TCS is a procedure where payee collects an amount as TCS from the buyer in addition to amount of receipt of sale consideration and pays to the […]
1. INTRODUCTION The term TDS refers to tax deducted at source. The concept of TDS was introduced with an aim to collect tax from source itself. It fulfills dual purpose of Govt. i.e. advance receipt of tax and requirement to regulate person making certain payments or receiving any sum. Govt. is using TDS as its […]
P.P.F. Account is a LONG TERM SAVING INSTRUMENT provided by the CENTRAL GOVERNMENT, came into force from 1 July 1968. This investment gives us ASSURED RETURNS & PROVIDE OLD AGE INCOME SECURITY TO EVERY ONE. By investing in P.P.F Account we can see the POWER OF COMPOUNDING in the long run. This account is under […]
Tax shall be collected by seller of an overseas tour programme package @ 5% if buyer has furnished his PAN, otherwise tax shall be collected @ 10% in accordance with section 206CC.
1. INTRODUCTION The population of India is 125 crores and only 1.46 crores people pay tax in India i.e. around 1.15% people pay tax. Looking to lower number of people paying taxes Govt. is making way to widen tax base by collecting tax from source itself. It means seller shall collect certain percentage of tax […]
The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings.
