Clarification on TCS on sale of goods Applicability on transactions with various Exchanges Section 206C(1H) shall not be applicable on: – Securities or commodities traded on recognized stock exchanges. Transactions [Read More…]
Accounting entries if TCS is booked on RECEIPT basis The assumption that receipts have crossed Rs. 50 lakhs from a particular buyer starting 1st April 2020. TCS will be collected [Read More…]
FAQs on TCS – Section 206C(1H) Section 206C(1H) – TCS on sale of Goods is a new provision that will be applicable from 1st October 2020. In this article will [Read More…]
All about the filing of SFT and consequences of non-compliance The government is continually trying to keep a tab on black money and high-value transactions undertaken by the taxpayer. In [Read More…]
What to do when your 26AS indicates SFT transactions? New 26AS and SFT filing requirements CBDT in May 2020, vide notification 30/2020 notified the revised form 26AS to make it [Read More…]
Sec 271A – Penalty for failure to keep or retain books of accounts, documents Applicability of penalty u/s 271A Penalty us/ 271A is applicable only to certain specified persons for [Read More…]
TCS on Sale of Goods – Sec 206C(1H) The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on [Read More…]
National Pension Scheme What is the National Pension Scheme? This is a scheme which is social security to the scheme holders after retirement. NPS has been made available to all [Read More…]
Deduction under section 80TTB Deduction under section 80TTB in respect of interest income on deposits from a savings bank account for senior citizens was introduced in the Finance Bill, 2018 [Read More…]
Deduction under section 80TTA Deduction under section 80TTA in respect of interest income on deposits from a savings bank account was introduced in the Finance Bill, 2013. This section provides [Read More…]
Taxation of Cooperative Societies A co-operative society is a society registered under the Co-operative Societies Act, 1912, or any other law in the State which requires the registration of co-operative [Read More…]
Aadhaar-based instant PAN Applicable only for Individuals Permanent Account Number (PAN) PAN (Permanent Account Number) is a ten-digit alphanumeric unique number. It is issued by the Income-tax department based on [Read More…]
PM Modi to launch a platform for honoring the honest taxpayers Prime Minister Shri Narendra Modi will be launching a new platform for “Transparent Taxation – Honoring the Honest” through [Read More…]
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