PAYMENT TO SUPPLIER / CREDITORS ON TIME TO CLAIM DEDUCTION Finance Act, 2023 incorporate a new clause (h) has been added to Section 43B to provide that any sum payable to a micro or small enterprise beyond the time limit specified in Section 15 of the MSMED Act 2006 shall be allowed as a deduction […]
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TDS ON PURCHASES OF GOODS
Finance Act 2021 has introduced a new section 194Q TDS on purchases of Goods which shall be effective from the 1st day of July, 2021 WHO WILL DEDUCT TDS Purchaser will be liable to deduct TDS if- His Turnover during last year exceeds Rs.10 crores. AND Purchaser purchases of goods of value exceeding Rs.50 Lakhs […]
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India Budget 2021
https://ospgroups.com/wp-content/uploads/2021/02/Budget_Speech-1.pdf
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TCS ON SALES OF GOODS
TAX COLLECTION AT SOURCE (TCS) UNDER SECTION 206C (1H) OF THE INCOME TAX ACT, 1961 w.e.f. 1st October, 2020 Finance Act, 2020 inserted sub-section (1 H) in section 206C of the Act which mandates that with effect from 1 st day of October, 2020 a seller receiving an amount as consideration for sale of any […]
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ITC STATEMENT FORM GSTR-2B, MADE AVAILABLE ON GST PORTAL FOR TAXPAYERS
GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD. Taxpayers can now reconcile data generated in Form GSTR-2B, with their own records and books of accounts. Using this reconciliation, they can now […]
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