TDS on payment of Rent falls under section 194I of Income Tax Act-1961. The plain reading of this section is very simple but very difficult to apply practically, specially when there is no clarity over simple definition of Rent and duration of Rent too. In this article, section 194I shall be critically analysed and confusion […]
Deduction of TDS under section194C always remain a confusing section. It may be due to its drafting or similarity with other section like 194H, 194J etc. In this Article it is endeavour to remove confusion and provide solution in respect of applicability of 194C considering some day in day out transactions based on various Circular/Clarification, […]
As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,
Taxable Value for collection of Tax Collection at Source (TCS) under Income Tax Act-1961 There are lot of confusion over calculation of taxable value for the purpose of collection of TCS under section 206C of Indian Income Tax Act-1961. Some Deductors collect TCS on value excluding of Taxes such as GST, while some collect TCS […]
The due date for filing your income tax return (ITR) is fast approaching. You must know which Income Tax Return Form is to be filed. There are seven different type of Income Tax Return Form for corporate and non-corporate tax payer. S.No Description Form 1 For Individuals being a Resident (other than Not Ordinarily Resident) […]
Now a question come whether ITC credit available in respect of such earthing work like earth excavation, filing land, piling, flatting surface, piping, cutting tree, Concrete works, Reinforcement Steel, Shuttering, Aggregate from Crusher, Brick Work, Random Rubble Masonry, Dismantling of Brick, RCC 86 Anti Termite Treatment, Blasting studies, etc.
FCA Dinesh Kumar Section 35 of GST Act and GST Draft Payment Rules deal with payment of Tax under GST, the below check list will help you to understand the payment methodology and procedure to pay Tax under GST. The procedure to pay Tax under GST is quite different from payment of tax under existing […]
FCA Dinesh Kumar Section 42 and 43 of Model GST Law deal with maintenance and keeping of accounts and records, these are important section to know that what now Govt. wants from a business man with respect to book keeping. This article will help you to clear your question w.r.t Accounts and Records under Model […]
This article will provide you information with respect to following questions for transitional CENVAT credit under GST 1) Who may transfer CENVAT credit under GST? 2) How CENVAT Credit shall be transferred under GST? 3) What are the eligible Duties and Taxes for transferring under GST?
As per section 2(56) of GST Act, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above;
