A buyer whose sales turnover or Gross receipts in the Preceding Financial year is more than INR 10 Crores is required to deduct TDS under section 194Q.TDS deduction is to be made on his purchases from a resident seller in excess of INR 50 Lakhs in a financial year.
The first generation entrepreneurs, Micro and Small Enterprises (MSEs) do not have sufficient funds to finance their business and face the challenge of providing collateral security to the banks for extending credit facilities.
Every supply of goods and services on which GST has been paid are not eligible for input credit set off against output GST liability. Those input GST you can&amp;amp;amp;amp;amp;amp;amp;amp;#039;t claim is called Blocked Input Tax Credit.
E-Way Bill is the short form of Electronic Way Bill. It is a unique document/bill, which is electronically generated for the specific consignment/movement of goods from one place to another, either inter-state or intra-state.
Many organisations have budgeting procedures designed & operative but lacks the strategic purpose. Many organisations may not have felt the need of it but now they require it as they have grown beyond a certain scale.
The Accounting methods have been evolving and improving day by day. Right from the times of manual accounting which was maintained in a handwritten bookkeeping process, then came simple DOS based accounting softwares like Marg, Profit, Tally, Miracle, T.fat, Saral, Udyog, Busy which has a very simple interface and simple process which made accountants&amp;amp;#039; life easier.
Effective 1st June 2017, section-194IB was introduced in the income tax act, 1961, by Finance Bill, 2017 to cover Rent payment in excess of Rs. 50,000 per month by Individuals or HUFs (Hindu Undivided Family) (not covered under Tax audit) to a resident under TDS deduction.
The primary objects of Foreign Contribution (Regulation) Act, 2010 is to manage funds received/paid from/to foreign sources. Particularly, funds received by the Charitable Organizations/NGOs are under scanner of FEMA wings of Government.
Effective 1st June 2013, section-194IA was introduced in the income tax act, 1961, by finance bill, 2013 in order to have a reporting mechanism of transactions in the real estate sector and also to collect taxes at the earliest point of time.
They say that every crisis brings with itself an opportunity. Likewise, the Covid-19 pandemic brought with itself an opportunity for India, that was identified and announced by the Prime Minister of India as ‘Atmanirbhar Bharat’ or making India self-reliant.
Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax to avoid cascading of taxes, but input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act,2017.