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CA VK Agrawal

TDS on Goods (Section 194Q) Ready Reference Guide

What is the applicability? With effect from 1st July, 2021; On aggregate value of purchase exceeding INR 50 lacs from a single seller in a financial year. To buyer whose turnover from business exceeds INR 10 Crore during preceding financial year i.e. excluding GST; and Only on purchase of Goods What is the Non-Applicability? TDS is deductible under any other provisions of Income Tax Act; TCS is collectible under any… Read More »TDS on Goods (Section 194Q) Ready Reference Guide

ITC availability on COVID supplies provided by Corporates to Employees & Others

In a month ago, Country was in requirement for a lot of medicine, equipment supplies and now the vaccinations. There are no. of employers who had come forward to either help their employees or the society by providing such materials at free of cost. In this pandemic time, supplies like masks, sanitizers, thermal scanners, vaccines are going to be a regular procurement which shall be provided for employees as the… Read More »ITC availability on COVID supplies provided by Corporates to Employees & Others

HSN & SAC Code Mandatory in Invoice & Form GSTR-1

HSN and SAC Code are compulsory In Invoice &Form GSTR-1 with effect from 01 April 2021 We are discussing here on mandatory mentioning of HSN & SAC Code in Invoice and Form GSTR-1 as per amendments to GST Law, with effect from 01 April 2021. In recent changes about mandatory to mention HSN & SAC Code in Tax Invoice and furnishing inward & outward details at box no 12 of… Read More »HSN & SAC Code Mandatory in Invoice & Form GSTR-1

Consequences of Not Filing a Declaration for Commencement of Business in e-Form INC-20A

E-Form INC-20A is needed to be filed Pursuant to Section 10A (1) (a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014 for the purpose of Declaration for Commencement of Business. Commencement of Business – Section 10A A company incorporated after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital will not commence any business or exercise any borrowing powers unless-… Read More »Consequences of Not Filing a Declaration for Commencement of Business in e-Form INC-20A

Procedure or Checklist: GSTR-9C

Every registered person whose turnover during a FY exceeds the prescribed limit of INR 2 crores shall get his/her accounts audited by a CA or a cost accountant. GSTR-9C is a statement of reconciliation between: The Annual Returns in GSTR-9 filed for a financial year The figures according to the taxpayer’s audited annual Financial Statements. It can be presumed to be similar to that of a tax audit report evolved… Read More »Procedure or Checklist: GSTR-9C

Analysis of Section 206AB and Section 206CCA

Section 206AB and section 206CCA were proposed in the Finance Bill 2021. These sections provide for a higher deduction of TDS and TCS respectively, if certain conditions are met. Let us discuss details about Section 206AB & section 206CCA. Introduction of Section 206AB  According to the Section 206AB, tax shall be deducted on any income or amount paid or payable or credited by a person to a specified person, at… Read More »Analysis of Section 206AB and Section 206CCA

Presumptive Taxation- Section 44AD, 44ADA, 44AE

According to the Income-tax Act, a person engaged in business or profession is needed to maintain regular books of account and further, he/she has to get his/her accounts audited. The Income-tax Act has created the presumptive taxation scheme under these sections which are 44AD, 44ADA & 44AE to provide relief to small taxpayers. What is the Meaning of Presumptive Taxation Scheme? For small taxpayers the IT Act has created presumptive… Read More »Presumptive Taxation- Section 44AD, 44ADA, 44AE

Income Tax Savings Tips To Help In Tax Planning

Tax planning comes under financial planning. It is difficult to avoid taxes, you can strategies to lower the tax outgo efficiently. Two Important Steps comes under:- To choose between the old tax and new tax regime An individual needs to carefully analyze & comparison of tax outgo and other factors in choosing between the two 2. Inform it to your employer (So they need to deduct TDS on basis your… Read More »Income Tax Savings Tips To Help In Tax Planning

Impact of GST on Accounting & Financial Statements

GST has been introduced on 1st July 2017, India has moved towards a single indirect tax regime for goods & services with uniform accounting system under GST for entire country. Some provisions which have directly affected on accounting such as Works Contract, Composite Supply and many more. What is Dual model of Tax? All transaction of supply would be subject to 2 Levies (State and Union government) and levied is… Read More »Impact of GST on Accounting & Financial Statements

Why Revised Return Concept Under Income Tax Law

Under Income tax law the concept of Revised Return is dealt in section 139(5). Now the question is what is Revised Return and why there is concept called revised return exist? In the simple word, revised return can be termed as return which is filed for error correction or mistake correction i.e. correct return. While filing income tax return whether original return i.e. return filing for the first time for… Read More »Why Revised Return Concept Under Income Tax Law