Uncategorized

TCS ON SALE OF GOODS New Section 206C(1H): Finance Act 2020 introduced a new provision U/s 206C (1H) for the Tax Collected at Source (TCS) on Goods With effect from 1st of October 2020. Applicable only to seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore. TCS rate shall be […]

CLARITY IN NON RESIDENT TAXATION BROUGHT BY FINANCE ACT, 2020 viz a viz FINANCE BILL 2020 On 1st February 2020, when Finance Bill was presented by Finance Minister Nirmala Seetharaman the major panic created was amongst the NRI’s having citizenship in India and residing/working especially in tax free countries. This finance bill was drafted &

Is it Mandatory to File NIL Returns for the Person having TAN Number? The last date for filing the TDS Statements for the Fourth Quarter of FY 2019-20 is coming closer. There will be many deductor’s who did not deduct any tax during the relevant quarter and therefore they will not file any statement for deduction

New Compliances proposed for the Charitable Trust & Institutions in Union Budget 2020 There are drastic changes proposed by the Finance Bill, 2020 is with regard to the registration and renewal of Charitable Trusts. with effect from 01.06.2020. Re-validation of existing registrations: Till now, the procedure for registration of Charitable Trusts for taxexemption is provided

Relief on Statutory Compliances by Finance Minister due to COVID-19 To relax regulatory and compliance distress among the citizens of India amid the coronavirus outbreak, our FM Nirmala Sitharaman has announced various filing extensions and relief to compliance in the press meet, held on the 24th of March 2020. The businesses have been given assurance

PAN-Aadhaar linking: What happens if both are not linked by June 30? If you are yet to link your Permanent Account Number (PAN) with Aadhaar number, the deadline to do the same is June 30, 2020. The Income Tax (I-T) Department has been sending regular reminders regarding the same from its official Twitter handle. On

Overseas Tour Package under IT Scanner: New provision to Collect Tax At Source (TCS) To widen & deepen tax-base through tracking of various data and information, a new provision of Tax Collection at Source (TCS) on sale of overseas tour package is introduced by the Finance Bill – 2020. The purpose is to keep a

Section 194O| TDS on E-commerce Transaction Finance Bill, 2020 proposed to Insert sec 194-O, where E-commerce Operator liable to deduct TDS from payment made to E-commerce participant in respect of sale of goods or services or both facilitated by operator through its digital or electronic platform, at rate of 1%, at time of credit or