Section 206CC provides that any person whose payments are subject to TCS shall mandatorily furnish his PAN to the collector, failing which, the collector shall collect TCS at the prescribed rate.
Discussing six important Income Tax provisions and sections that are applicable to Milk Co-Operative Societies.
Discussing Income Tax Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(1b), 80D, 80E, 80EE, 80EEB, 80G, 80GG, 80GGC, 80TTA, 80TTB, 24(b), and 87A that are applicable for FY 2020-21.
TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the act governs the goods on which the seller has to collect tax from the purchasers.
It is proposed to add another Explanation to section 36(1)(va) clarifying that provision of section 43B does not apply and deemed to never have been applied for the purpose of determining the 'due date”.
Discussing the FAQs about the requirement to deduct TDS on purchase of goods with effect from 01-07-2021 with a distinction between the new Section 194Q and Section 206C(1H).
Savings play an important role in the economic development of any country. To boost saving habits, an incentive in the form of a deduction out of one's taxable income has been allowed. Discussing Section 80C in that regard.
The article highlights on a few significant changes which are going to give effect in Income Tax from 1st April 2021.
A taxpayer, before looking at investing in any tax-saving instruments, needs to first be aware and understand the total tax liability applicable. To get to most effective and efficient way of tax saving ,one should know first calculate amount payable .
When Shares are issued at a value more than the Face Value, then it is called Issue of Shares at a Premium. In this article, we discuss the tax implications of the same.
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