Dear Readers, Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large taxpayers etc. for its applicability. Now, let us understand the above provisions in […]
With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds Rs. 50 Lacs for sale of goods during the financial year. This had already created lot[…..]
Dear Reader, Finance Act, 2020 has inserted the new provision (Section 206C(1H)) in the Income Tax Act, 1961 which is applicable from 1st October 2020. The extract of the same is provided as under: “every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate[…..]
Dear Reader, This is the world of technology and our Prime Minister is known for adopting the latest technology. In the Union Budget 2019, the Finance Minister has proposed the introduction of a scheme of e-assessment to the limited extent. However, on 13th August 2020, Honoring the tax payers, the Prime Minister Modi launched the[…..]
