B J S And Associates

CA Niket Modi

Equalisation levy

Introduction Due to advent of Internet and push for digital economy, huge opportunities have opened for online services. National boundaries are now not an obstruction as you do not need physically present in any country to provide such services. This has also created a new tax issue as to how to tax these companies when […]

Income Tax Section 206C [1H] Explained

Income Tax Section 206C [1H] Explained

Introduction of 206C(1H) in Income tax act for collection of Tax at Source (TCS) on Sale of Goods w.e.f. 01-10-2020 (Today) Applicability Persons whose turnover in preceding financial years exceeds 10 Crore,  On sale of goods exceeding 50 lakhs except  export or goods  Sale of goods which are already covered in other TCS Provisions (I.e. […]

Recent updates on Income Tax & GST for the month of June 2020

Changes in Form 26AS Change in sectionEarlier Form 26AS was issued under Section 203AA r.w. rule 31AB. Now 26AS will be issued under section 285BB r.w. rule 114I. Change in NameEarlier name was “Annual Tax statement” and now the name is “Annual Information statement” Information reflectedIn addition to the information of TDS/TCS of the assessee, […]