Wrong interpretation / understanding / procedure of TCS on Consideration for sale of goods under newly introduced section 206C(1H) effective from 01-Oct- 2020. Most of the experts / businessmen have adopted following process. They (Sellers) have modified their billing software to add one more line to add TCS amount in final bill amount […]
Tag Archives: Best CA firms in Pune
29
Sep
Sep
All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on […]
25
Sep
Sep
A Company is an artificial judicial person created by law having separate legal entity, perpetual succession and limited liability. It is an association of persons having separate legal existence from the persons forming it. Unlike some of the other forms of business enterprises the ownership and management of a company are separated. Shareholders by contributing […]
15
Sep
Sep
Udyam registration provides a simplified platform for the registration of Medium, Small and Micro enterprises. Udyam Registration also known as MSME Registration is nothing but a government registration that is provided along with a recognition certificate and a unique number. This is to certify small/medium businesses or enterprises. The applicant must have a valid Aadhar […]
12
Sep
Sep
Permanent Account Number (PAN) is a unique identification code given by the Income tax department. PAN is essential for various purposes like filing the income tax returns, opening bank account, GST registration, etc. The process of procuring a physical PAN card is lengthy and requires a minimum of 15 days. To overcome these difficulties the […]
05
Sep
Sep
Income under the Income Tax regime are classified under five heads namely Salary, Profits/Gains From Business Profession, Income from House Property, Capital gains and the residual category i.e. Income from other sources. Every income which is not specifically exempt is liable to income tax in the Financial year in which it is received/ accrued. However, […]
31
Aug
Aug
Introduction Central Board of Indirect taxes and Customs vide Notification no. 62/2020 dated 20th August,2020 made it mandatory for taxpayers obtaining new registration under GST to authenticate the application by way of Aadhar Authentication i.e. Aadhar OTP. The applicants failing to do so shall be subject to a site visit by the department before the […]
28
Aug
Aug
The GST council in the 39th Council meeting held on 14-03-2020 had recommended that interest on delayed payment of GST liability to be charged on the net amount rather than the gross amount. Prior to this, this subject has always been debated as many taxpayers received notices from the department demanding interest on the Gross […]
26
Aug
Aug
Introduction of Section 80EEB of Income Tax Act,1961 With the intention to encourage people to buy Electrical Vehicles, Deduction under section 80EEB was introduced on interest on loan taken to purchase Electric Vehicle. Quantum Of deduction Under the section, lower of the following is available as deduction Actual Interest paid on loan. 1,50,000/- Eligibility This […]
24
Aug
Aug
The Companies (Amendment) Ordinance,2018 requires a company registered on or after 2nd November,2018 to file a declaration of commencement of Business in Form INC 20A on the MCA website. This was done with the objective of eliminating shell companies and enhance corporate compliance. Applicability Form INC 20A is applicable to all the companies incorporated on […]
