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TCS under section 206C(1H)-A Detailed View

Tax Collection at Source on sale of goods has been introduced by the Government of India in the Finance Act 2020 to widen the tax base vide Section 206C(1H) w.e.f. 1st October 2020. Under this section, the seller of the goods has to collect the tax from the buyer on receipt of money from him […]...

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Posted Under: Income Tax |

Due Date Compliance Calendar December 2020

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS/TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for linking of [&he...

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Posted Under: Income Tax | ,

Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail

SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property  [AY 2021-22]  Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovab...

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Posted Under: Income Tax |

Section 194G TDS on Commission on Sale of Lottery Tickets- Analysis

1) Who is responsible to deduct tax u/s 194G? Any person responsible for paying any income by way of commission, remuneration or prize (by whatever name called) on stocking, distributing, purchasing or selling lottery tickets, shall be responsible to deduct tax at source.  2) When to Deduct TDS under Section 194G? Tax shall be deducted [...

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Posted Under: Income Tax |

Section 194D TDS on Insurance Commission- Analysis

 1) Who is responsible to deduct tax u/s 194D? The tax must be deducted by the entity that makes the payment to the resident person, as remuneration/rewards, by the way of commission or for the following purposes: – Soliciting or obtaining insurance business – Continuance, renewal or revival of policies of insurance. 2) When ...

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Posted Under: Income Tax |

Section 193 – TDS from Interest on Securities – Analysis

1) Who is responsible to deduct tax u/s 193? Any person responsible for paying any interest on securities to a resident is required to deduct tax at source. 2) When to Deduct TDS under Section 193? Tax shall be deducted under this section, either at the time of credit to the account of the payee […]...

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Posted Under: Income Tax |

Section 192 – TDS on Salary- Analysis

1) Who is responsible to deduct tax u/s 192? All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words none of the payer of Salary is excluded; Individual, HUF, Partnership firms, companies, cooperative societies, Trust and other artificial judicial persons have to deduct TDS ...

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Posted Under: Income Tax |

Section 194EE TDS on Payments in respect of Deposit under NSS

Section 194EE TDS on Payments in respect of Deposit under National Savings Scheme (NSS) 1) Who is responsible to deduct tax u/s 194EE? The person responsible for paying to any person any amount standing to the credit of such person under National Savings Scheme (to which section 80CCA was applicable) together with interest accrued thereon...

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Posted Under: Income Tax |

Pre Budget Memorandum for Union Budget 2021-22

1. The threshold limit for audit u.s 44AB and upper limit for offering income under the ‘Presumptive Tax Scheme’ for Income from Business should me made clear i.e. identical. The following is suggested: For Business Income: If the Gross Receipts exceed Rs. 2 Crores Compulsory Audit u.s 44AB should be made mandatory and if it […...

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Posted Under: Income Tax |

Importing Audio-Visual licenses from Japan: Understanding GATS & CEPA

This article attempts to clearly lay out the implications of the Comprehensive Economic Partnership Agreement (CEPA) for parties interested in bringing Japanese Animation titles to Indian markets. CEPA is a Free Trade Agreement (FTA) entered between India-Japan, which came into effect in August 2011....

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Posted Under: Income Tax |