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The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
For enabling the setting of the appellate tribunal with its principal bench in Delhi, the state government has been questioned by the centre to approve the revisions of their respective GST laws. By December, the tribunal shall secure the benches within the states. In March the Parliament would provide its nod to revise the GST […]
In this post, the discussion will be in the direction of the GST Forward charge mechanism, analyze its working, and discussion of its related advantages. Moreover, we shall discuss the FCM impact on small businesses and find out the methods to resolve the cost of compliance. The execution of the Forward charge mechanism (FCM) would […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
For surging the revenue generated via GST, an anti-evasion function is been initiated by the Delhi government’s tax mainstay, via surveys, inspection, and search and seizure. According to a Delhi government official, special teams have been deployed on state borders to check illegal vehicle entrances and confiscate them if they are found to be in […]
After the successful implementation of the new Goods and Service Tax law in 2017. There is a need for a judicial body to resolve disputes between the central government and state government as well as among businesses, individuals, and the government has arisen very quickly. Also, there is no government body to appeal against the […]
This article will aware of the TDS claim process if credit is not reflected in 26AS, AIS and TIS forms. There is Section 205 of the Income Tax Act of 1961 that gives you rights in certain situations. For example, if you are paying 60% tax on your income but your adequate tax liability is […]
Tax deducted at Source (TDS) and Tax Collected at Source (TCS) is the most popular methods of tax collection. To guarantee correct adherence to the tax regulations, it is crucial to recognize the difference between TDS and TCS under the income tax act 1961 since these are some big ones. Let’s get into it in […]
CBDT provides partial relief to the non-resident assessees who do not secure PAN through the electronic filing of Form 10F until March 2023. The filing of the same form would require the order to claim the advantages of the Double Taxation Avoidance Agreements (DTAA). For claiming the advantages a non-resident assessee is required to furnish […]
