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Ajay Garg

Latest Posts by Ajay Garg

Compliance of Section 206AB, Section 206CCA & Section 139AA

June 20, 2021 10485 Views 3 comments Print

Section 206AB, Section 206CCA and Section 139AA of Income Tax Act and compliance thereof In the already Compliance burdened Assessee, Government of India has introduced new section 206AB/206CCA and implemented Section 139 AA under Income-tax Act, 1961, (‘the Act’) w.e.f July 1, 2021. Under this section, TDS/TCS will be deducted/collected at higher rate to the […]

Section 194Q TDS & Section 206C(1H) TCS

June 4, 2021 31998 Views 1 comment Print

The provisions for 194 Q are for purchase of Goods whereas Section 206C(1H) are for receipts of payments. Both sections increase the Compliance Burden of an Entity in already over crowded calendar. Basic Finance Bill has mandated TCS provisions under section 206C(1H)  for `Seller of Goods’ on Receipts and or advance on account of and from Sales of […]

TCS under Section 206C(1H) Effective from 01.10.2020

September 17, 2020 154938 Views 19 comments Print

Article explains TCS related provisions under Section 206C(1H) of Income Tax Act, 1961 Effective from 1st October 2020. It explains Transaction on which TCS  under Section 206C(1H) of Income Tax Act, 1961 is aopplicable, Rate of TCS, Rate if PAN No. is not provided, Due date of payment of TCS etc. XXXX as Buyer Effective […]

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