Articles by CA Umesh Sharma
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TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020 - FAQs and Key Points
Amendment made in Section 206C (1H) of the Income Tax Act regarding the liability to collect TCS @ 0.1%, on the sale value exceeding Rs. 50 lakh for each buyer....
Treatment of GST for TDS/TCS on purchase/sale of goods
TDS/TCS is to be deducted/collected u/s 194Q/206C(1H) respectively, if purchase/sales to a single party exceed Rs.50 Lacs. Whether the amount of GST is to be included in the calculation of the above limitation? Let us understand.
TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021
Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.
New "Taxpayer Friendly" Income Tax E-filing Portal 2.0
The new e-filing portal is aimed to give ease, a modern and smooth interface to taxpayers. It is another initiative for providing ease of compliance to taxpayers and other stakeholders.
Extension of Income Tax Due Dates
CBDT has issued a circular on 20.5.2021 for an extension of due dates for various returns and compliances under the Income Tax Act. Let us discuss the extended due dates.
Relaxation in GST compliances for March/April 2021 return
What are the reliefs given by the Central Government under GST to the merchants during this lockdown due to the coronavirus pandemic? Let us discuss.
Relief to Covid Patients only for payment to Hospitals in cash
CBDT has notified all Hospitals, Dispensaries, Nursing Homes, Covid Care Centres, or similar other medical facilities providing Covid treatment to patients for section 269ST so that they can receive cash payments of Rs. 2 lacs or more.
Buyer cannot be punished 1st for default of the seller under GST
Madras HC has recently given some relief to the recipient of goods from the reversal of ITC when no action was taken by the GST department against the defaulting Seller who has not paid the tax collected from the recipient.
Taxpayers Parade : Beware of Anti-Tax Evasion Weapons
Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue
Lets drive a Car through the roads of Taxation
NANO has generated huge excitement in the automobile world. Every Indian is proud of this product, being the cheapest, smallest and affordable car. Car sales are zooming in India and lot has been written on Cars, Automobile Products
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