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Jul15
2020
As we all know the Government is pushing towards cashless economy and digital payment. In line with this policy GoI has introduced Section 269SU under the Income Tax Act, 1961. Section 269SU prescribes for accepting payment through certain electronic modes. In this article, we will discuss about some Frequently Asked Questions on Section 269SU.
Jul07
2020
A private limited company is the most popular form of business entity. Private limited companies in India are governed by the Companies Act under the Ministry of Corporate Affairs (MCA). Every private limited company has to follow numbers of compliance as laid down by various statutes and other regulatory bodies. These include but are not limited to the periodic filing of tax and other returns, holding the board and other meetings, maintaining statutory books and accounts etc.
Recently, Government strike off more than 2 Lakh companies and disqualified more than 3 Lakh directors for non-compliance of various provisions of Companies Act, 2013. Such type of historic action came at the time when government came to know about the various techniques used by corporate entity to evade taxes.
Jul02
2020
After more than 2 months of nationwide lockdown, the Center announced Unlock – 1 from June 1st granting certain relaxations especially in non-red zones. However, social distancing norms and other guidelines, protocols& precautions are being violated by many people ever since the relaxations have been granted. Though the fatality rate has improved, the situation in Delhi and Mumbai is still not under control. Giving due consideration to the outbreak of novel corona virus in various states, Government has further extended certain dates pertaining to Income Tax law.
Jun22
2020
This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of the Income Tax Act, 1961.
Jun18
2020
The 40th GST Council meeting was held on 12th June, 2020 Friday. It was chaired by Finance Minister Nirmala Sitharaman. Taking into consideration the critical situation in the country in the wake of pandemic Covid-19 and expectations of hard hit MSME sector of the country, the meeting recommended further relief in GST Compliance burden. Let us discuss the key highlights of the major recommendations of the council.
Jun10
2020
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.
