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(A) Seller to Collect Tax from buyer in respect of Sale
of certain Specified Goods
o
(2) [Section 206C(1F)]- TCS on sale of motor vehicle
exceeding the value of Rs. 10,00,000
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Investment
Planning for Tax Savings 1. Investment in Sukanya
Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January
to March 2020 (Q4, FY…
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Tax on Total
Income of a Company 1. Rates of Income Tax of a
Company other than covered U/s 115BA A company is assessed like any other…
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[Section 115JB
(2)]- Statement of Profit and Loss of the Company to be prepared as per… Every
assessee,— (a) being a
company shall, for the purposes of this section, prepare its statement of
profit and…
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Input Tax Credit
or ITC under GST Under the GST regime. the Centre will give
input tax credit for Central GST/IGST and the States will give input…
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Income Tax Rates
for Assessment Year 2021-22 1. In case of
Individual (A) For an individual (man or woman), resident in India who is of
the age…
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Composition
Scheme under GST Law Composition scheme under the GST Law is
for small taxpayers. The objective of composition scheme is to bring simplicity
and…
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Location of
Supplier and Place of Supply of Goods and Services under GST Law The
basic principle of GST is that it should effectively lax the consumption of
such supplies at the destination thereof…
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First Appeal
Filed by the Assessee The first appeal against the order of
Assessing Officer shall lie to the Commissioner (Appeals) and it can be filed…
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Set Off or Carry
Forward and Set Off Of Losses under Income Tax Act Income-tax
is a composite tax on the total income of a person earned during a period of
one previous year. …
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[Section 194A]-
Interest other than Interest on Securities Interest other than
Interest on Securities includes payments made in respect of: (i)
Inter-corporate deposits / loans,
(ii) …
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[Section 201]-
Consequences of failure to Deduct TDS or pay TDS (1)
[Section 201(1)]- Assessee to be deemed as assessee in default Where any
person, including the principal officer of a…
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Advance Payment
of Tax [Section 207-211, 218, & 219] Advance payment of tax
is another method of collection of tax by the Central Government in the form of
pre-paid…
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Services Exempt
from GST Notification No. 12/2017-Central Tax (Rate), dated
28.6.2017 has Exempted following Services from CGST/IGST respectively: SL. No.
Description of Services 1…
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[Section 193]-
TDS from Interest on Securities Under Section 2(28B), Interest
on Securities means.— (i) interest
on any security of the Central Government or a State…
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[Section 133A] -
‘Survey’ under Income Tax Act. ‘Survey’ contemplates a
comprehensive and extensive view of the business or charitable activities of an
assessee, subject to the limitations…
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[Section
115JB(1)]- Provisions of MAT (Minimum Alternate Tax) for payment of Tax by
Certain… 1. Tax Payable for any Assessment Year
Cannot be Less than 18.5% of Book Profit: Where in the case of…
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[Section
7(1)(d)]- Activities to be treated as Supply of Goods or Supply of Services
under… In the pre-GST indirect tax regime, there was a dispute
as to whether an activity shall be taxed under Central …
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Appeals &
Revisions under Income Tax Act. 1. First Appeal
Filed by the Assessee The first appeal against the order of Assessing Officer
shall lie to the…
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Valuation of
Perquisites on Rent Free Accommodation or Accommodation provided at… Accommodation
provided to the employee may be— (i) unfurnished (ii) furnished Further, such
accommodation may be provided: (a) rent free;…
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TDS from Salary
[Section 192] 1. [Section 192(1)]- Tax to be
Deducted at average of Income-Tax: Any person responsible far paving any income
chargeable under…