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, Like every year, we are presenting the summarized budget on the very same day. The Union Budget 2021 has been divided as below: Provisions applicable to Individual / HUF / Small Tax Payers Provisions related to Filing of Return / Tax Audit etc. Provisions related to Appeal / Assessment / Penalty / Survey[…..]
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, E-Invoicing shall be mandatory from 01.10.2020. We have tried to summarize the necessary information for the subject with easy understanding. History The GST Council, in its 37th meeting held on 20th September, 2019, has approved introduction of electronic invoice (‘e-invoice’), beginning from 1st January, 2020 on voluntary basis. Further, the GST Council, in[…..]