Income Tax Articles

No TCS on provision of any service due to drafting anomaly in Section 206C of IT Act

Posted by Manoj Agarwal 09 June 2016 7988 Views

I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Hon�ble Finance Minister Shri Arun Jaitley has brought amendment in Section 206C

Equalisation Levy

Posted by CA Priyanka Kushwaha 08 June 2016 8496 Views

Budget 2016 has inserted a new chapter VIII in Income Tax Act, 1961. This relates to taxation on services of digital advertising from foreign companies like facebook, google etc. In addition to this new chapter, related sections have also been amende

PAN-IC! PAN compulsory on all Sales or Purchase of goods or services above Rs 2 Lac

Posted by CA Umesh Sharma 07 June 2016 7277 Views

Arjuna(Fictional Character): Krishna, from 1st January 2016 onwards PAN is required to bequoted in sale or purchase transaction exceeding Rs.2 lakh. Which is this hidden income tax provision?Krishna(Fictional Character): Arjuna, Income tax Department

Decoding the Google Tax

Posted by Tony John 06 June 2016 11769 Views

What is Google TaxThe central government is set to impose an �Equalisation Levy� of 6% on cross-border digital transactions whose value exceeds Rs 1 lakh. Popularly called the �Google tax�, this is an indirect tax on foreign c

Amendment in TCS U/S 206C(1D) of Income Tax Act,1961

Posted by CA Vinita Yadav 06 June 2016 109701 Views

Important Amendment U/S 206C (1D) Of Income Tax Act, 1961 - Effective from 01/06/2016.Finance Bill, 2016 assented by President on May 14, 2016 has now become the Finance Act, 2016 (28/2016).Recently, Section 206C has been amended by Finance act 2016

TCS on cash sale of goods or services

Posted by CA SONIYA AGARWAL 03 June 2016 12563 Views

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016. New Sub Section (1D) of Section 206C is as follow: Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewell

FAQ : TCS on sales of Goods and Services for value more than 2 lacs

Posted by Rani Jain 02 June 2016 21516 Views

Solutions to Frequently Asked Question on TCSFor amendment in Section 206C, sub section 1D of the Income Tax Act, 1961 for Sale of Goods or Provision of Service of value exceeding Rs. 2,00,000: By Rani Jain Act ��Every person, being a sel

Equalisation Levy: At a Glance

Posted by Ajay Pradeep Bansal 02 June 2016 10663 Views

Finance act 2016 has introduced Equalization levy to address challenges of the �digital economy� on the amount of consideration received by non-resident for any specified se

Tips received by waiters from customers is not salary income

Posted by rajat aggarwal 01 June 2016 5657 Views

Background and factsSection 15 of the Indian Tax Laws (ITL) includes the following incomes as chargeable to tax under the head �Income from Salary� (Salary head): Salary that is �due� from an employer or a former employer, whe

FAQ on TCS on Motor Vehicle Rs.10 Lakhs more

Posted by Rani Jain 01 June 2016 8882 Views

Solutions to Frequently Asked Question on TCSOn amendment in Section 206C, sub section 1 of the Income Tax Act, 1961 for Sale of Motor Vehicle of Value exceeding Rs. 10,00,000Finance minister, Mr. Jaitley had proposed to impose a provision for collec