Is charging TCS on Invoice for Sale of Goods u/s 206C(1H) correct? Or non-compliance of statue? What will be the effect of overriding section 194Q or Section 206CB? Section 206C(1H) has been made effective from October 1, 2020 which states that TCS @0.1% (0.075% for Fy 2019-20) shall be collected by a Seller having turnover […]
Govt Introduced new Rule 86B restricting the use of Input Tax Credit (ITC) for discharging the output liability [Notification No 94/2020-CT dated 22.12.2020] The rule is effective from 1st January 2021 Applicability of Rule This rule is applicable to the registered person whose value of taxable supply other than exempt supply and export, in a […]
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
The Finance Minister has proposed several changes in respect of taxation of Individual through Finance Bill 2020. Changes are discussed below: New Slab rates for Individuals on cost of removal of exemptions/deduction (Optional Tax Regime Sec 115BAC) The Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the budget 2020 for the […]
Valuation of Taxable Value in case of Inter-state Stock Transfer between Branches under GST Under GST, The Persons with same PAN having pan-India presence required to take GST registration state wise and it is quite common for businesses to transfer its stock to its other units, depots, warehouses for timely delivery of orders. During the […]
