TCS Under Section 206C(1H) Background: Section 206C of the Income-tax Act, 1961 (‘the Act’) provides for the collection of tax at source (‘TCS’) on stipulated kinds of goods. TCS is a procedure where payee collects an amount as TCS from the buyer in addition to amount of receipt of sale consideration and pays to the […]
Why RBI COVID-19 Package is needed: 1. Some sectors which are badly impacted by Covid-19, such as hospitality and airlines need a lifeline. 2. Majority of companies in the country are also sitting on huge debts that need to be serviced. The slowdown will also impact business plans of the coming fiscal year. If any […]
GST on directors remuneration Schedule III ( see section 7) ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES 1.Services by an employee to an employer in the course of or in relation to his employment Understanding of the Text: “Services supplied by the director of […]
