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The insertion of Section 206C(1H) to the Income Tax Act of 1961 vide Finance Act of 2020 extended the current TCS provision a step further.
What is 206C(1H)?
According to the section, a seller has to collect tax at source @ 0.1% of the sale consideration exceeding fifty lakh rupees...
The last date for filing GSTR 3B of September 2021 is 20th October 2021. Do you know it is also the last date for availment of Input Tax Credit for invoices or debit notes pertaining to the Financial Year 2020-2021 as per Section 16(4) of Central Goods and Services Tax Act, 2017 ('CGST Act')? Any credit that has not been claimed for the financial year 2020-2021 by the above date, would lapse.
Goods and Services Tax Act does not define 'Fake Invoicing'. However, the general understanding means invoices against which actual supply has not been made or supplies against which invoices have not been issued and alike.
Have you heard about the arrest/detention provisions under the GST Act? Have you also received a summon from GST Authorities?
In all good intentions, the department has been rigorously investigating fraudulent availment of Input tax credit ('ITC') and fake invoicing cases where the actual movement of goods never happens.
Before delving into discovering the practical and legal challenges startups face, there is a need to understand the term and concept of a â€˜Start-Up.' As per the Department for Promotion of industry and Internal Trade (DPIIT), MOCI, under its Start-up India Scheme, a startup is an entity that has the following salient features...
India is an attractive place to do business. India is considered an ideal location in an emerging market with ample potential to gain value without sacrificing quality, attracting large multinationals from around the world looking for low-cost and viable solutions to start their business in India.
Everybody wants to sell in Indiaâ€¦ How to enter in attractive Indian Markets?...
On February 1, 2022, Honourable Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23, announcing it to be the roadmap for the next 25 years of the new age India. The aim of this budget is to focus on accelerating India's recovery from the shock of the pandemic and strengthening the country's health care system to prevent future outbreaks.
Do It Yourself - DIY - Filing of Income Tax Returns
Learn to pay tax online by following simple easy to go steps
Don’t be confused between the old tax regime and the new tax regime.
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The new income tax regime enumerates the following tax slab rates for FY 2021-22 and the old income tax regime enumerates the following...