Blog

2020

Frequently Asked Questions on TCS under GST

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. while TCS refers to tax which is collected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

Here are some most frequently asked questions on TCS under GST.

Archive


2020

Changes in Customs Duty Rate in Budget 2020

Custom duty in India is defined under the Customs Act, 1962. All matters related to custom duty fall under the Central Board of Excise & Customs (CBEC). The CBEC, in turn, is a division of the Department of Revenue of the Ministry of Finance. CBEC has various divisions that take care of the field work including Commissionerate of Customs, Customs, Customs (preventive and Central Excise Zones, Central Revenues Control Laboratory and Directorates etc. CBEC also oversees proper tax administration for foreign and inland travel.

2020

Important announcement for MSME Sector of India by Finance Minister

MSME stands for Micro, Small and Medium Enterprises. India’s MSME base is the largest in the world after China. The sector provides a wide range of services and is engaged in the manufacturing of over 6,000 products – ranging from traditional to hi-tech items. Given the government of India’s ‘Make in India’ push, along with a push to attract greater FDI, the Indian MSMEs sector is poised for rapid growth and integration with major global value chains. In order words, MSMEs are the back bone of Indian Economy.

As we know that Finance Minister Nirmala Sitharaman provided various details on the fiscal stimulus package. The package has some important announcements for MSME sector as well. The purpose of these stimulus packages is to help MSME units restart their production and manage liquidity crises due to COVID 19 outbreak.

2020

Direct Taxation and EPF related Measures as a part of Fiscal Stimulus NEW

PM Modi addressed the nation on Covid-19 crisis and the ongoing lockdown situation five days before the termination date of Lockdown 3.0. He announced an extension of lockdown. He also announced a Rs. 20 Lakh Crore fiscal stimulus for businesses and people at large and said that the details regarding the same will follow soon.

A day after MP Modi’s speech, Finance Minister Nirmala Sitharaman addressed a press conference to provide further details on the fiscal stimulus package. The package has come with reforms in many areas such as Income Tax, EPF, benefits for MSMEs and poorer section of the country. In this article we will focus on Income Tax and EPF related changes.

2020

Bill to Ship To model and E Way Bill Generation under GST

A normal practice in the industry prevails where goods are sold to one person but delivered to a different location. This delivery address is different from the registered office address of the buyer.

This difference in ‘Bill To’ and ‘Ship To’ addresses must be dealt with carefully while issuing an invoice and generating Eway bill.

2020

Changes in Rules related to Tax Audit under the Income Tax Act 1961

There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law.

Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax law and the fulfillment of other requirements of the Income-tax law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB​ is called tax audit.

The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and ​3CD. ​

Financial Management