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 […]
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.
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 […]
Internal financial control (IFC) What is Internal Financial Control (IFC)? (Sec 134) As per Section 134 of the Companies Act 2013, the term ‘Internal Financial Controls’ means the policies and procedures adopted by the company for ensuring: