As there is no rationale for exempting payment to all transporters, irrespective of their size, from the purview of TDS, it is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation under sub-section (6) of section 194C of the Act from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise)
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#AD Online trading is associated with many benefits that it’s something everyone with a little extra money should consider. Traditional investments are also beneficial and should not be ignored, but by combining investments with online trading, you will be able to take advantage of many more opportunities. Despite this, many are still sceptical to the […]
Analysis of Section 111A, 112 and 112A of The Income Tax Act, 1961 In this Article we shall discuss only about Shares, Debentures, Units of MFs, Units of Business Trust only. Let us now analyse each section one by one: Section 111A (CG on transfer of Short Term Capital Assets) Applicable to: All Assesses CG: […]
The ‘proper officer’ has been empowered under GST law to execute and administer compliance of various Sections and Rules under GST law to protect the Government revenue and facilitates to the taxpayers to carry out day-to-day statutory compliances to run their business. The words ‘proper officer’ used in various parts of the GST law scattered […]
Article explains about Types of NEW GST Return Forms which will be applicable from 01.04.2020 which includes GST RET-1- NORMAL RETURN (Monthly, Quarterly), GST RET-2- SAHAJ RETURN (Quarterly), GST RET-3 SUGAM RETURN (Quarterly), GST RET-1A- Amendment to Form GST RET-1, GST RET-2A -Amendment to Form GST RET-2 and GST RET-3A -Amendment to Form GST RET-3 […]
Surrender of Insurance Policy means to cash of life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. At a particular time, when insured is not able […]
Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below? Budget 2020 has added the following provision in section 6 of Income Tax Act, 1961 that, An individual, being a citizen of India, shall be deemed to […]
The relevant event is the time on which GST invoice is raised. In case of debit note also, the relevant event is the time when the GST invoice pertaining to the debit note is raised, and not the time when debit note is raised.
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