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Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a f...
Read MoreArticle on TCS On Sale Of Goods Under Section 206C(1H) Of The Income Tax Act, 1961 Applicable Form 01-10-2020 explaining To Whom Section 206C(1H) is applicable, From whom TCS shall be Collected, Whether Section 206C(1H) is applicable to the exporter, When collection shall be started from a particular buyer, Time of Collection of TCS, ...
Read MoreSection 206C(1H) of Income Tax Act, shall come into effect from 01.10.2020. 1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or […]...
Read MoreAs we all know that from 1.10.2020 section 194-O is going to apply for payment made by E-Commerce operator to E-Commerce participant is required to deducted TDS as per Provision of section 194-O. Section states that where sale of goods or provision of services of an E-Commerce participant is facilitated by E-Commerce operator through it...
Read MoreTax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. [&h...
Read MoreRequest for roll-back of provisions of Tax Collection at Source (TCS) under section 206C (1H) of the Income Tax Act, 1961 which is effective from 01.10.2020. As a result of the said amendment, a seller who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in an...
Read MoreReport No.14 of 2020 – Performance Audit on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct Taxes Search and Seizure is a very powerful tool available to Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereb...
Read MoreReport No.11 of 2020 – Compliance Audit of Union Government, Department of Revenue – Direct Taxes This Report primarily discuss compliance to the provisions of the Income Tax Act, 1961 and the associated rules, procedures, etc. as applied to all aspects related to the administration of direct taxes. Direct taxes receipts of Union ...
Read MoreFinance Ministry has said today that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed. The Government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government ...
Read MoreThe Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, real estate and tea estates. The group i...
Read MoreACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019 - Amendment in section 37(1) of the Act has been introduced w.e.f. 1st April, 2015 and does not apply on the facts of the case and the disabling provision as stated in Explanation 2 to section 37(1) refers only to such corporate social responsibility expenditure as u/s. 135 of the Companies Act, 2013...
Read MoreShri Jain Shwetamber Murtipujak Sukrat Fund Kapda Committee Vs. CIT (Exemption) (ITAT Indore) - Jain Shwetamber Murtipujak Sukrat Fund Kaoda Committee Vs. CIT (ITAT Indore) On perusal of the record we find that the assessee trust was incorporated in the year 1945 and even in the Permanent Account Number (PAN) allotted by the Income Tax Department the date of incorporation of the trust is 16.4....
Read MoreGem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) - Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) Since there was delay in depositing the aforesaid amount of sales tax, therefore, the assessee was made to deposit interest amounting to Rs. 2,71,826/- on such delayed payment of sales tax amount and Rs. 3,152/-on delayed payment of Excise/Cust...
Read MoreMoturi Lakshmi Vs. ITO (Madras High Court) - The issue under consideration is whether the advance to the seller of flat prior to the date of sale of old capital asset will be eligible for claiming deduction u/s 54 under capital gains?...
Read MoreACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai) - ACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai) Tribunal in assessee’s own case for the A.Yrs.2008-09 and 2009-10 vide order dated 08/07/2016 already held that AMP expenditure is not an international transaction and hence, no ALP adjustment could be made thereon. Respectfully following the a...
Read MoreRelease ID: 1660392 - (30/09/2020) - Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year....
Read MoreF.No.225/126/2020/ITA-II - (30/09/2020) - CBDT extended the date for selection of cases for Compulsory Scrutiny on the basis of prescribed parameters, as communicated vide Board's letter dated 17.09.2020, from 30th September,2020 to 31st October,2020....
Read MoreF. No. 225/150/2020-ITA-II - (30/09/2020) - On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020. Order u/s 119(2a) issued. F. No. 225/150...
Read MoreCircular No. 17 of 2020-Income Tax - (29/09/2020) - Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of s...
Read MoreF.No.225/155/2020/ITA.II - (29/09/2020) - Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him....
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ACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019 -
Shri Jain Shwetamber Murtipujak Sukrat Fund Kapda Committee Vs. CIT (Exemption) (ITAT Indore) -
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