Tax Consultant

      Tax Collected at source (TCS) is the amount of tax seller is required to collect from buyer on sale of specified goods. TCS is required to be collected at a specified percentage as may be prescribed. Section 206C of the Act casts responsibility on the seller to collect TCS from the buyer on the value of sale of specific goods and deposit the same to the credit of account of Central Government within the prescribed due date.   With a view to widen scope of TCS and tax net, section 206C (1H) (i.e. TCS on sale of goods) has been introduced vide Finance Act, 2020, which is applicable from 1st, October, 2020.   1. Applicability  All the sellers having turnover or gross receipts from business exceeding Rs. 10 Crore in the year 2019-20 will be required to collect TCS in the year 2020-21 from 1st October, 2020.The applicability of provision is required to be checked every year.   2. Levy of TCS   TCS provisions are applicable if the value ...

                                               Input Tax Credit                            1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely:- (a) an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31; (b) a debit note issued by a supplier in accordance with the provisions of section 34; (c) a bill of entry; (d) an invoice issued in accordance with the provisions of clause (f) of sub-section (3) of section 31; (e) a document issued by an Input Service Distributor in accordance with the provisions of sub-rule (1) of rule in...

 Government has been extended various due dates for compliance vide circular no 09 dated 20 May 2021.  The Details of the circular are here- Sr.No Particulars Original Date New Due Date 1 The Statement of Financial Transaction (SFT) For FY 2020-21. 31.05.2021 30.06.2021 2 The Statement of Reported Accounts under Rules 114G For 2020 31.05.2021 30.06.2021 3 The Statement Of Deduction of Taxes For 4 th qtr 2020-21 31.05.2021 30.06.2021 4 Issue the certificate of Tax Deduction At Source in Form 16 15.06.2021 15.07.2021 5 TDS/TCS Books Adjustment in Form 24G For May 2021 15.06.2021 15.07.2021 6 The Statement of Deduction of Taxes   In case of Superannuation Fund under rule 33 for FY 2020-21 31.05.2021 ...