Understand the provisions of Section 206AB for TDS deduction. Learn about the special provision for tax deduction for non-filers of income tax returns.
Bare Provision: Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such […]
Bare Provision: Notwithstanding anything contained in any other provisions of this Act, where tax is required to be collected at source under the provisions of Chapter XVII-BB, on any sum or amount received by a person (hereafter referred to as collectee) from a specified person, the tax shall be collected at the higher of the […]
Brief History: Gold is very attracted metals from ancient times for its intrinsic value. Gold is also a popular investment choice for the vast population in India. Thus, to protect the consumer against adulteration and to obligate jewelers to maintain legal standards of purity, government mandated Bureau of Indian standards to start the Hallmarking scheme […]
Introduction Since 2015, Indian Govt. has started various measures for ease of doing business by various means like Exemptions to Private Companies, Companies Amendment Act, 2017, 2019, Zero fees of incorporation for new companies having capital upto Rs. 15 Lacs etc. At the same time, it has also taken stringent actions against non-compliant companies and […]
That Central Government has come out with Budget Amendment 2021 whereby provision for doing Tax Deduction at Source u/s. 194Q i.e. TDS on purchase of Goods by Purchaser is introduced and made effective w.e.f. 1st July, 2021. The brief synopsis of provisions are given as below:- APPLICABILITY : 1. Section 194Q is applicable to those […]
Commissioner Vs National Remote Sensing Agency (Telangana High Court) the only issue which this Court is now required to consider is as to whether the respondent-NRSA had any intent to evade service tax on its activities during the period 16.07.2001 to 31.03.2005 and on advances received during the period 16.06.2005 to 31.12.2005, justifying the action […]
Government of India has reviewed the extant FDI policy on Insurance sector and has made the following amendments under the Consolidated FDI Policy of 2020, as amended from time to time (FDI Policy):
Sunrise Immigration Consultants Pvt. Ltd. Vs CCE & ST- Chandigarh (CESTAT Chandigarh) The facts of the case are not in dispute that a dispute between the appellant and the revenue was going on whether they were liable to pay service tax on their activity or not on export of services for the prior period. The […]
In re Thermo Fisher Scientific India Pvt. Ltd (GST AAR Maharashtra) Question : Whether Applicant is correct in charging 2.5% CGST and SGST or 5% IGST, as applicable, by applying Notification No. 45/2017-Central Tax (Rate), Notification No. 45/2017 -S.T.(Rate) and Notification No. 47/2017-Integrated Tax (Rate) all dated 14.11.2017 on the scientific and technical instruments/ equipment […]
