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Legal-Updates - Page 9

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

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September 30, 2020
[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Gujarat VAT Amendments – Enacted w.e.f. 1-Aug-2009

August 4, 2009
As informed to you through our Circular dated 27-Jul-09, the Gujarat VAT (Amendment) Bill, 2009 (No. 18/2009) is enacted w.e.f. 1-Aug-09.  In continuance thereof, your attention is further drawn to the following Amendments & Notifications: 1.      Penalty for late submission of return is prescribed as under. (A)      Penalty for Return
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Procedure for all remittances to non-residents w.e.f. 1-Jul-09

June 30, 2009
Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. For any remittance to non-resident, except in the case of certain personal remittances which have been specifically exempted by RBI, the following revised procedure will
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New Scheme of TDS/TCS deferred

June 30, 2009
In a Press Release dtd.30-Jun-09, CBDT has indefinitely deferred the implementation of the new Rules for TDS/TCS that were introduced vide Notification No.31/2009 dtd.25-Mar-09. Resultantly – Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning
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ANALYSIS OF NEW SCHEME FOR TDS / TCS

June 5, 2009
(as on 5-Jun-2009) Background Income Tax Department has introduced a new scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information
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