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Jigar Shah

Latest Posts by Jigar Shah

PPT on Section 194Q and Section 206C(1H)

July 18, 2021 10089 Views 0 comment Print

A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]

Impact on Physical Inventory Verification due to Covid-19

May 17, 2020 8442 Views 0 comment Print

Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is physically counted at least once a year to ensure existence, condition, and support valuation of inventory.

Micro, Small & Medium Enterprises (MSME)

May 16, 2020 16794 Views 7 comments Print

1. Background MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of […]

Clarification on newly inserted section 269SU of Income Tax Act, 1961

February 8, 2020 7035 Views 2 comments Print

1. Section 269SU of Income Tax Act, 1961 Section 269SU requires every person who is carrying on business to provide the facility for accepting payments through prescribed electronic modes. These prescribed modes will be in addition to the facility for any other electronic mode of payment already provided to customers by such person. Section 269SU […]

Tax and Law Compliance Calendar for Year 2020

January 19, 2020 1065 Views 0 comment Print

Compliance Calendar for Year 2020 As we know India as fastest growing economy and as economy of our country is growing day by day, the compliance of business is increasing day by day. Every some or other day new compliance are added to get more and more transparency in business processes. We understand the burden […]

Income Tax e-assessments – Advantages and Disadvantages

January 9, 2020 9036 Views 0 comment Print

e-Assessment – Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Electronic assessment under Income Tax have certain Advantages and Disadvantages. Advantages of Electronic assessment under Income Tax  includes Faceless assessment reduces chances of corruption, Saves time and efforts, […]

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