What was the need OF TDS/TCS u/s 194Q/206C(1H)? (If the purpose is to get Information to whom big sales are made then, we could have given the list PAN +Aadhar of such parties). Whosoever has brought the idea of 194Q and 206C(1H) i.e. TDS/ TCS on Goods PURCHASE/SALE, deserves Global Award for ‘World’s Most Innovative Taxation Compliance’.
In an important memorandum sent to Union Consumer Affairs Minister Shri Piyush Goel Confederation of All India Traders on 07th July, 2021 has urged the Govt to withdraw the latest notification putting stock limits on “Pulses” as it is arbitrary, unjustified and in contravention of the advice of Hon’ble Office of the Prime Minister of […]
Cabinet Secretariat Modi Government creates a new Ministry of Co-operation Posted On: 06 JUL 2021 In a historic move, a separate ‘Ministry of Co-operation’ has been created by the Modi Government for realizing the vision of ‘Sahkar se Samriddhi’. This ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement […]
Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]
Dr Bhagwat Kishanrao Karad took charge as Minister of State in the Ministry of Finance, here, today. Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation and also as Chairman of Marathwada Legal Development Corporation. Dr Karad is 64 years old and a doctor by profession.
With the objective of integrating the extant reporting structures of various types of foreign investment in India, RBI introduced Single Master Form (SMF) through its Circular RBI/2017-18/194 A.P (DIR Series) Circular No. 30. Dated June 07, 2018 w.e.f. September 1, 2018. SMF Form provides reporting of various forms for foreign investment which includes: S. No. […]
Conversion of Public Company Into Private Company is governed by following Provisions of Companies Act and Rules- 1) Relevant Section and rules for Conversion: a. Section 13: Alteration of Memorandum of Association. b. Section 14: Alteration of Articles of Association. c. Section 18: It provides the manner in which an existing Company can convert itself […]
Section 194Q V/s 206C (1H) What is Section 194Q? Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021. What is Section 206C (1H)? Section 206C (1H) is for Tax Collected at source (TCS) applicable from 01.10.2020. A person is liable to deduct TDS under Section 194Q when the below conditions are satisfied- The person […]
(1) Every banking company (2) cooperative bank; or (3) post office, who is responsible for paying any amount in cash the aggregate of which is exceeding Rs. 1 crore during the previous year from one or more accounts maintained by the recipient with it shall at the time of payment of such sum deduct an amount equal to […]
Declaration of dividends by NBFCs In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs. Applicability – All NBFC’s regulated by RBI Effective Date – Effective for declaration of dividend from the profit of F.Y. 2021 – 22 and onwards. Consideration before […]
