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Opinion - Page 7

TDS & TCS on purchase & sale above Rs.50 Lacs

June 17, 2021

[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction at Source (TDS) on purchase of goods is inserted by Finance Act – 2021 effective from 01/07/2021. Earlier section 206C(1H) was inserted by Finance Act, 2020 and was made effective from 01/10/2020 for Tax Collection at Source (TCS) on sale of goods. Refer our earlier update – Widening

Income Tax

Higher rate of TDS in certain situations from 1st July 2021

[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new section 206AB effective from 1-Jul-2021 wherein a payer/buyer is responsible to deduct TDS at higher rate (i.e. twice the rate as specified under the relevant provision of the Income Tax Act or twice the rate/ rates in force;

Income Tax deduction for procurements from MSMEs only upon actual payment

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note

India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups

[Source: www.economictimes.com] Singapore’s Goods and Services Tax (GST) voucher scheme should be

The impact of IFRS on corporate governance

October 8, 2008

Audits & Assurance·Corporate Laws

Come 2011, and audit committees and board members of Indian companies will have to deal with convergence of Indian GAAP (generally accepted accounting principles) with International Financial Reporting Standards (IFRS), which will have a key impact on their functioning, roles and responsibilities. The audit committees and board members will have

SEBI directive on mandatory internal audit of stock-brokers

September 26, 2008

Audits & Assurance·Corporate Laws

Last month, SEBI issued a circular to he various stock exchanges requiring mandatory internal audit for their stock-brokers / clearing members on a half-yearly basis. The scope of the said audit includes the existence, scope and efficiency of the internal control system, compliance with the provisions of the SEBI Act,

Some transactions fall between service tax and VAT

September 26, 2008

Gujarat VAT & CST·Service Tax & CBEC

A recurring challenge in indirect taxes is that of double taxation of a single transaction. The challenge comes about because a particular transaction is both deemed to be a supply of goods, in terms of the State sales tax/value added tax definitions, as also a provision of services, under the

IS INFLATION-ADJUSTED TAX SYSTEM FEASIBLE?

September 25, 2008