Provisions regarding TCS applicable from 1st October, 2020
Provisions regarding TCS applicable from 1st April, 2020: TCS (Tax collection at source) is covered under Section 206(C) of Income Tax Act’1961. Tax collected at source (TCS) is a tax which is collected by a seller from it’s buyer for a transaction covered under TCS provision. Following are the list of existing applicable rate of TCS under section 206 (C) in which no changes is proposed Vide Finance Bill 2020...
Read More »
Govt raises turnover threshold for Income Tax audit of MSME in Budget 2020
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year.
Read More »
AMORTISATION OF COST OF MOULDS AND DIES TREATMENT UNDER GST LAW
Whether amortisation cost of Dies & Moulds supplied on Free of Cost (FOC) to Components Supplier to be included in the cost of the components for the purposes of levying GST.
Read More »
Audit in GST
Audit has been defined in the CGST Act.2017 as under: Section 2(13):“audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with...
Read More »