FAQ ON TDS & TCS ON PURCHASE/SALE OF GOODS & HIGHER TDS/TCS RATES IN CASE OF NON-FILERS OF ITR (Section 194Q, 206C, 206AB & 206CCA of the Income Tax Act, 1961) This FAQ covers provisions relating to (A) TDS on purchase of goods (194Q) and a comparison with TCS on sale of goods (206C(1H)) and (B) […]
The Union Finance Minister, Smt. Nirmala Sitharam ji in a Press Conference held on 28th June, 2021 has announced the following economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons Through […]
The hot topic of discuss in all tax forums is deduction of tax on purchase of goods. Why is this provision in place now when already TCS was being collected by Suppliers from their buyers from October 2020? TCS all this while was applicable all sellers whose turnover was above 10 Crores and the responsibility […]
We Indian’s are brought up and continuously emphasized by our Parents and Grand parents to save money for an uncertain tomorrow. It starts an early age, when one starts getting pocket money. The emphasis is made to plan out and use only the required amount and keep some for contingency purpose. As a person grows […]
AAR held that Indian company is liable to pay GST on reverse charge basis for amount paid as interest to its holding foreign company on late payment of invoices of imported goods, as the same is to be included value of supply as per Section 15(2)(d) of the Central Goods and Services Act, 2017
The pious and challenging resolution to adopt entrepreneurship as an occupation is the step preceding the establishment of any new business. This needs to identify attractive and effective business ideas after an in-depth evaluation of the prospects of the proposed entrepreneurship venture and the related challenges.
Learn how to prevent, control, and manage insider trading with the SEBI regulations. Understand the responsibilities of compliance officers and the importance of policies and procedures.
Section – 194Q Deduction of Tax at Source on Payment of Certain Sum for Purchase of Goods Applicable Date: Provisions of Section 194Q are applicable from 01-07-2021. Who is liable and when to deduct tax under Section 194Q? The tax shall be deducted from the purchases made by a buyer if the following conditions are […]
Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
FAQs on How to Register for Income Tax e-Filing (Taxpayer) Q. 1 Why should I register myself on the e-Filing portal? Ans. The registration functionality is available to all taxpayers with an active and valid PAN. Registering on the e-Filing portal will enable you to access and use the various functionalities and tax related services […]
