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Archive: 28 June 2021

Posts in 28 June 2021

TDS and TCS on Goods – Analysis

June 28, 2021 43467 Views 9 comments Print

TDS and TCS on Goods – Analysis The Finance Act, 2020 had introduced Section 206C (1H) for levy of Tax collected at source (TCS) on sale of goods by a seller from a buyer & thereafter the Finance Act, 2021 has introduced Section 194Q to provide for deduction of tax (TDS) by a buyer from […]

HC quashes Order passed hastily without considering objection of Assessee

June 28, 2021 759 Views 0 comment Print

Parvati Resources Pvt. Ltd. Vs ITO (Calcutta High Court) HC finds that the contention of the respondents that it was time barring matter is not acceptable in view of the fact that the relevant assessment order to be revised was received by the petitioner on 4th February, 2020 and as per the statute, limitation is […]

Section 194Q compliances from 1st July, 2021

June 28, 2021 9510 Views 2 comments Print

Section 194Q- Businesses to have tougher luck in the world of compliances from 1st July, 2021 The world was already not a great place to live in for businessmen with all the compliances, and with introduction of yet another TDS Section 194Q, it surely has become worse. The Income Tax Act, 1961 known for its […]

Gujarat AAR – GST applicability on Interest charges paid for delayed payment to foreign party

June 28, 2021 2970 Views 0 comment Print

a. Whether liability to pay GST on reverse charge arises if amount is paid as interest on late payment of invoices of imported goods? If yes, then at what rate? b. Whether liability to pay GST on reverse charge arises if amount is paid for reimbursement of Stamp tax paid as a pure agent by M/s. Enpay, Turkey on our behalf?

PF Contributions and PF Holder Account and AADHAAR Role

June 28, 2021 2553 Views 0 comment Print

PF Contributions and PF Holder Account and AADHAAR Role: Now Government is in active mode and they want to be all PF contributors and holders account should be linked with AADHAAR why??? Last two financial year budgets Finance ministry want to trap higher income side people who contribute While the excess employer contribution above Rs. 7.50 lakh p.a. is […]

Registration of credit co-op society under Multi-State Co-op Societies Act, 2002

June 28, 2021 6969 Views 3 comments Print

Registration of credit co-operate society under Multi-State Co-operative Societies Act, 2002. Credit Co-operative society/ Patpedhi is formed when independent group of people belonging to the same class, come together voluntarily to tend to their common economic, social and cultural agendas and requirements through an enterprise which is jointly-owned and controlled democratically by such people. It […]

Section 194Q: TDS on Purchase of Goods with Practical Examples

June 28, 2021 380412 Views 38 comments Print

Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, are being explained with the help of some easy to understand practical illustrations. Practical Examples on Section 194Q 1. Mr. Goodly purchases goods worth […]

Primary (Urban) Co-operative Banks – Top ranking appointments

June 28, 2021 1986 Views 0 comment Print

The recent directions issued by RBI vide its communications dated June 25, 2021 settles the dust over the appointment of Managing Director (MD) / Whole-Time Director (WTD) in Primary (Urban) Co-operative Bank. Let me introduce you to their communication as under: https://taxguru.in/rbi/rbi-directions-appointment-md-wtd-primary-urban-co-op-banks.html With plethora of mis handling in Co-operative sector, the eagerly awaited instructions from […]

Show no leniency in Proposed E-Commerce Rules: CAIT urges PM

June 28, 2021 2361 Views 0 comment Print

Confederation of All India Traders (CAIT) has written a letter to Prime minister Shri Narendra Modi In the wake of expected pressure tactics of foreign funded E-commerce companies against the draft of ‘E-Commerce Rules under Consumer Protection Act’ and requested him to ensure that no dilution is made in the rules. Text of CAIT Letter […]

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