Start up India – Legal aspects 1.1 INTRODUCTION The Central government took the initiative to promote the start up organizations by way of relaxing certain regulatory requirements, providing tax exemptions. The objective of this initiate is to promote the upcoming entrepreneurs who are mainly in transition stage of converting their research thoughts into business model.
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
No TCS on services despite value exceeding Rs. 2 Lakh The Hon’ble Finance Minister Shri Arun Jaitley has brought amendment in Section 206C of the Income Tax Act, 1961 in order to reduce the quantum of cash transaction in sale of any goods and services and for curbing the flow of unaccounted money in the […]
TCS on cash sale of goods or services Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016. New Sub Section (1D) of Section 206C is as follow: Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any […]
TCS on Sale of Goods/Services of value exceeding Rs. 2 Lakhs “Every person, being a seller, who receives any amount in cash as consideration for sale of bullion 35[***] or jewellery, or any goods (other than bullion or jwellery) shall, at the time of receipt of such amount in cash, collect from the buyer, a […]
While the Income Tax Department is often known for its rigorous tax collection practices, it also provides certain relief measures to taxpayers who incur losses. These measures, known as “Set Off” or “Carry Forward and Set Off” provisions, allow taxpayers to offset their losses against future income, subject to specific conditions and restrictions. Let’s delve […]