INCOME TAX UPDATE 06th July 2023 ...
Bringing Value Through Expertise
InsightsInsights
In a continuously changing business environment in a fast-developing country like India, there is a need to keep oneself abreast of the frequently changing and evolving regulatory mechanism. To assist our clients in keeping pace with these changes which are bound to be there in a developing economy, we keep analyzing the provisions/policies and express our views on the same as and when a need for the same arises.
SNR Income Tax Update Issue: 01/2023-24 The Union Budget for 2023-24 received the assent of the President of India on 31 st March 2023. While most of the changes proposed in the finance bill laid before the parliament on 01st Feb 2023 have been accepted, a total of 64 additional amendments to the initially proposed...
SNR – Income Tax Update Income Tax/2020-21/09 As you are already aware, sub-section (1H) has been inserted in Section 206C by Finance Act, 2020 for collection of TCS by the seller on sale of any goods. Though collection of TCS on sale of certain goods was already covered under different sub-sections of Section 206C, however...
SNR – Income Tax Update Issue No: /2020-21/08 Finance Act 2020 has inserted a new sub-section (1G) in TCS (Tax Collected at Source) under Section 206C of the Income Tax Act, 1961 to collect tax out of foreign remittance transactions under Liberalized Remittance Scheme (LRS) as well as amount received from buyer by a seller...
SNR – Income Tax Update Income Tax/2020-21/07 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to...
