Section 230: Power to Compromise or Make Arrangements with Creditors and Members Section 231: Power of Tribunal to Enforce Compromise or Arrangement Section 232: Merger and Amalgamation of Companies Section 233: Merger or Amalgamation of Certain Companies Section 234: Merger or Amalgamation of Company with Foreign Company Section 235: Power to Acquire Shares of Shareholders […]
A Study Of New TCS Provisions On Sale Of Goods under Section 206C(1H) Of Income Tax Act, 1961 From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the […]
Article explains Who is Liable for TDS on Goods under Section 206C(1H), From whom tax shall be collected, Timing of Collection of TCS, What is the Definition of Goods, Whether Transactions in securities through RSE is liable to TCS, TCS on Motor vehicle, TCS on Transaction in electricity, TCS on sale of Software, TCS on […]
New TCS provision u/s 206C [1H] of Income Tax Act, 1961 wef 01/10/2020 Finance Act, 2020 has made the following provisions effective from 01/10/2020 relating to TCS. The provisions in the Act is as below: 206C[1H] Every person, being a seller, who receives any amount as consideration for sale of any goods of the value […]
1. CONCEPT OF TCS Govt. is taking step for increasing tax payers base. One such major step is levy of TCS on sale of goods u/s 206C(1H). Let us understand in simple term- If turnover of business is more than 10 Crores in F.Y. 2019-20 than it has to collect TCS @ 0.075% (Due to […]
Under Scheme of CGST act, persons who are to liable for registration requires to obtain registration. Every registered person, has to determine his tax liability by making self-assessment, and after making of payment of tax, is required to furnish correct and complete prescribed returns, as per provisions of the act and rules.
Whether Presumptive Scheme under Section 44AD of IT Act, 1961 to be opted for at least 5 years? It is notable that a new condition has been added to Presumptive Income by Finance Act, 2016, w.e.f. 01.04.2017 by substituting sub-section (4) of Section 44AD of Income Tax Act, 1961 (‘the IT Act’). Sub Section (4) […]
The Foreign Contribution (Regulation) Amendment Act, 2020 :- An Act (wef 29.09.2020) to further amend the Foreign Contribution (Regulation) Act, 2010 (Act) -Introduced in Lok Sabha on 20.09.2020 -Passed by Lok Sabha on 21.09.2020 -Passed by Rajya Sabha on 23.09.2020 -President’s Ascent on 28.09.2020 -Effective date on which provisions have come into force: 29.09.2020 The Foreign […]
TCS on sale of any goods- Section 206C(1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to collect […]
As per Section 206(1H), with effective from 1st October 2020 goods sellers whose total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year 2019-20 shall be liable to collect such TCS at a rate of 0.075%(0.1% from 1st April 2021) on consideration received from a […]
