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Ritu
04 August 2021 at 13:26

BASIC SALARY-new rule

Sir/Madam,
Is there any rule that the basic salary would be 50% only (and not more than that) of gross salary , if gross salary reached at certain limit???????????????


Rachana Gokhale
21 May 2021 at 21:12

TDS ON PURCHASE OF GOODS RULE 194Q

Dear Sir/Madam,

1) Our Turnover for Previous F.Y. (i.e. 2020-21) was more than Rs. 10 Crores.
2) We have a supplier who has charged TCS u/s 206C (1H) on the applicable Transactions since April 2021 to till date and will continue the same till 30.06.2021.
3) Now as per Rule u/s 194Q Buyer is liable to deduct TDS on Purchases exceeding Rs. 50 Lakhs. This rule will be applicable from 01.07.2021.

So, please help me understand few point with view to TDS on Purchase of Goods Rule u/s 194Q -

1) Will I have to deduct TDS on Purchases taken from this Supplier from 01.07.2021, as Purchases have already exceeded Rs.50 Lakhs as of date
OR
the threshold of Rs. 50 Lakhs be counted from transaction on and after 01.07.2021 to abide with TDS on Purchase of Goods Rule.

2) Will I have to deduct TDS while making payment of Invoice pertaining to April - June 2021 in which TCS was charged
OR
TDS be deducted on Transactions/Invoices on and after 01.07.2021 at the time of booking.

3) Is TDS to be deducted on NET Value excluding GST or on Gross Invoice Value.

4) Can my supplier continue to charge TCS instead of I deducting TDS.

Looking forward to your expert advise and guidance !

Thanks & Regards,
Rachana


Mumbaiker Nikhil
16 April 2021 at 17:26

Nj

nj


CA Amol B. Bhalerao
14 June 2020 at 10:33

TDS u/s 194A

SIR, amendment in finance bill 2020 tds is required to deduct u/s 194A from interest paid by co-operative bank to another co-operative society


PALASH

Finance Minister of India has announced a special package of Rs 20 lakh crores for Better Economy of Our Country. Later on she has clarified that approx Rs 9000 crores must be given to Indian Tax payers as TDS Refund which is a part of Special Package of Rs 20 lakh crores. But the real fact is that TDS refund should not be part of Special Package.

Now my question to Nirmala Sitharaman ji,

When these byepass surgery ( Announcement of False Package of Rs 20 lakh crores ) was done by the Finance Deparment , did the highest officials of Prime Minister objects this ?
Can You answer Nirmala Sitharaman ji With a Yes or No ?

Regards.


Bijesh

Hi Experts
Could you please provide clarity on switching between new and old regime as per Finance act 2020. I understand that all the employee should have provision to switch between new and old regime anytime from April 1st till march 2021. In that case employee can change their plan at any time in the FY. Kindly clarify


avinash s joshi
23 October 2019 at 18:40

RD maturity

If Matured RD (Recurring Deposit) and amount transfer in saving account, how to pass entry in tally, and in which ledger head and under group


indrajit
09 June 2019 at 18:17

Ltcg -finance act 2018

At present, the Long term capital gains arising from the transfer of capital assets, being equity shares of a company are exempt u/s 10(38) . However, such transactions are liable to Securities Transaction Tax (STT), which was introduced in year 2004.
It follows that Finance Act 2018 provides that Sec 10(38) will not be applicable to any income arising from the transfer of long-term capital asset, being , an equity share in a company etc made on or after the 1st April 2018.
Sir, I had purchased SBI EQ Shares in the year 1994 & sold these shares in FEB 2019. In view of the above provisions enacted in FINANCE ACT 2018, PLEASE CLARIFY IF the said TRANSACTION MADE ON FEB 2019 COVERS UNDER THE above provisions . Thanks




PANDIAN BRIGHT
30 January 2019 at 19:07

Interim budget

WHAT IS INTERIM BUDGET? DIFFERENCE BETWEEN COMPLETE BUDGET AND INTERIM BUDGET.. PLEASE CLARIFY



Anonymous
12 February 2018 at 14:52

Is dividend on mutual fund taxable ?

Dear Sir,

Whether Dividend on mutual fund taxable without any limit ? if yes, what will be the effective date ? under Budget 2018.
Please clarify.