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New TDS and TCS changes in ERP from Jul- 2021 : Budget 2021 has introduced new section 194Q in income tax to deduct TDS @0.10 % on purchase of goods on value exceeding Rs. 50 Lakhs during financial Read more […]
Background: As per Finance Bill 2021, it is proposed by government to deduct TDS @ 0.10% on purchase of Goods with effect from 01.07.2021 as per section 194Q of Income Tax Act , 1961. Tax Deduction at Read more […]
Background – TCS as per Section 206C(1H) : With effect from 01.10.2020 , Government has introduced Tax Collection at Source (TCS as per Section 206C(1H)) @ 0.10% (0.075% upto 31.03.2021) on Sales consideration Read more […]
Background – Whether PAN is mandatory for Non Resident: After Introduction of Section – 206AA in Income Tax Act which is imposing mandatory requirement to quote PAN by payee to payer. In absence of PAN, Read more […]
Background – TDS on payment to Non Resident This post will give you good understanding regarding TDS on payment to Non Resident – Section 195. Tax deducted at source (TDS) or internationally known Read more […]
Over the years there is definite increase in scope of TDS provisions. TDS provision has really become key instrument for Government to get compliance with requirement of Income Tax Law. Assesses has to Read more […]